1. Japan set to win India’s bullet train deal; loan offered at 0.5% for 50 years: Nikkei

Japan set to win India’s bullet train deal; loan offered at 0.5% for 50 years: Nikkei

India-Japan Bullet Train Deal: Japanese PM Shinzo Abe, due to visit India this week, and his counterpart Narendra Modi are expected to issue a joint statement on the deal, the Nikkei business daily reported - loan is being offered at 0.5% for 50 years.

By: | Tokyo | Updated: December 8, 2015 12:49 PM
Japan India bullet train

Japan will offer more than 1 trillion yen (.11 billion) in loans to construct India’s 980 billion rupee bullet train, according to the report. (Representation image; Reuters)

India-Japan Bullet train deal: Japan is expected to win the right to construct India’s first bullet train, after losing an Indonesian high-speed rail deal to China, the Nikkei business daily reported on Tuesday.

Reportedly, the loan is being offered at 0.5% for 50 years.

Japan will offer more than 1 trillion yen ($8.11 billion) in loans to construct India’s Rs 980 billion fast train, according to the report.

Japan recently lost the bid to build Indonesia’s first fast-train because Beijing provided a $5 billion loan without guarantees.

Japanese Prime Minister Shinzo Abe, due to visit India this week, and his counterpart Narendra Modi are expected to issue a joint statement on the deal, the Nikkei said.

Tokyo was picked to assess the feasibility of building the 505 kms (313 miles) corridor linking Mumbai with Ahmedabad, the commercial capital of Modi’s home state, and concluded it would be technically and financially viable.

Construction of the high-speed railway link will start from 2017 and will be completed in 2023, the Nikkei reported.

($1 = 123.3400 yen)

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