BUSINESS
Japanese steel and engineering companies are on the number one spot in the list among the gainers that will gain the most from India's ambitious bullet train project.
Japanese steel and engineering companies are on the number one spot in the list among the gainers that will gain the most from India's ambitious bullet train project.
According to various media reports citing different sources, one thing that came in the highlight is that japanese firms are ahead in the race to grab major supply contracts for a $17 billion Indian bullet train undermining a key component of Prime Minister Narendra Modi's economic policy -- a push to 'Make in India'.
Japan is funding most of the project, and Japanese companies are likely to supply at least 70 per cent of the core components of the rail line, said five sources in New Delhi with direct knowledge of the matter.
A spokesman for PM Modi's office declined comment.
A Japanese transport ministry official involved in the project said the two countries were still working out a strategy for the supply of key components, and would unveil a plan for procurements around July. The official spoke on condition of anonymity.
PM Modi faces a general election in 2019 and is under pressure to provide more jobs to millions of unemployed in India. Critics also say the bullet train is wasteful and that the money could be better used elsewhere.
"The Japanese have reservations on certain issues because they have a concern that there is a difference in the culture and systems of Japan from the culture and systems in India," said Achal Khare, the managing director of National High Speed Rail Corp Ltd (NHSRCL), the agency tasked to execute the bullet train project.
"The work culture is very different," he told Reuters.
Only one joint venture
Japan's Prime Minister Shinzo Abe laid the foundation stone for India's first bullet train in September last year. It will link Mumbai with Ahmedabad, the largest commercial city in PM Modi's home state Gujarat.
Nippon Steel and Sumitomo Metal Corp, Japan's biggest steelmaker, and other companies like JFE Holdings Inc, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Toshiba Corp and Hitachi Ltd are likely to bid for various contracts, said three senior government officials directly involved in the project.
Nippon Steel said it would not comment on specific projects.
JFE, Hitachi and Toshiba said they were interested in the project but had not finalised plans, including any possibilities of joint ventures with Indian firms.
Mitsubishi Heavy said it had not decided if it wanted to be involved.
The sole collaboration aimed at the bullet train project is between Kawasaki Heavy Industries and Bharat Heavy Electricals Ltd, which aims to win carriage orders.
Japanese government officials have asked for more bullet train corridors in India before transferring technology, three senior Indian officials said.
But New Delhi is unlikely to announce any new projects until the final cost and commercial feasibility of the Mumbai-Ahmedabad link is clear, the officials said.
After Deepinder Goyal's Zomato, here is the list of Indian companies that recently rebranded
Life Insurance Quotes Explained: Guide to securing your family’s financial future
Winter Essentials: Must-have home appliances to keep you warm, cozy
'Ishq Na Kario' Releases: Abhishek Kumar takes his first step in cinema
Roadmap to building Rs 5 crore retirement corpus with NPS
Sri Lanka suffers nationwide power outage due to monkey, know what exactly happened
Fatima Sana Shaikh makes this BIG claim about male actors, says, 'If Shah Rukh Khan...'
The Visionary Behind Modern Data Platforms: Shreesha Hegde’s blueprint for industry success
Sam Nujoma passes away at 95: Know all about Namibia's fiery freedom fighter and first president
'Jahan Kaam, Wahan hum': PM Modi pitches leadership mantra to students during Pariksha Pe Charcha
Raheja Developer's 42-floor The Leela Sky Villas to bring ultra-luxury to Central West Delhi
Cristiano Ronaldo doesn't have any tattoos, reason will leave you SHOCKED, it is...
Prayagraj sees unprecedented crowds, traffic jams leave devotees without food, water amid Mahakumbh
Tirupati Laddu Prasadam row: CBI arrests four people in ghee adulteration case
JEE Mains 2025 Result: NTA JEE Session 1 result to be declared on..., know how to download scorecard
Donald Trump reveals BIG plan, says committed to 'buy and own' Gaza, allow others to...
Did Lionel Messi’s son Thiago score 11 goals in single match for Inter Miami? Here's the truth
India vs England: Rohit Sharma goes past Chris Gayle in all-time ODI list led by Shahid Afridi
Ed Sheeran BREAKS silence after Bengaluru cops stop his street performance: 'It wasn't just...'
India gains, Pakistan struggles: Forex reserves rise to Rs 55300044 crore, Pak's decline continues
IND vs ENG: Rohit Sharma returns to form before Champions Trophy, slams 32nd ODI century vs England
'Mummy daantegi...': Little boy screams as tiger pulls his shirt at zoo, WATCH viral video
Manipur CM N Biren resigns nearly two years after ethnic violence in state
Viral Video: Women travel in train toilet to Maha Kumbh, internet says "Is this a joke?
Vicky Jain's 'bizarre' comment leaves wife Ankita fuming with anger, netizens declare him 'red flag'
Bengaluru cops stop Ed Sheeran's street performance, video goes viral - Watch
Viral video: Lion spotted on moving jeep? Here’s the truth
YouTuber Gaurav Taneja reveals he was 'shocked' over his wife's decision to...
Teddy Day 2025: Date, history and significance of the fourth day of Valentine’s week
'Sugar is the biggest toxin...': Naga Chaitanya calls sugar more toxic than alcohol and tobacco
‘Over for Blinkit, Zepto’, this startup claims ‘delivering humans’ in 10 minutes, shocks netizens
Pratik Gandhi on his struggles, managing job with acting: 'Chaar gante sona luxury tha' | Exclusive
Why did Kumar Vishwas' wife cry after Manish Sisodia lost Delhi Elections: 'Not always power...'
'Fast and Furious' cars collision creates a Rohit Shetty scene on Indian road, viral video
'Go to the room, cry...': Salman Khan's wisdom on love, breakup is all you need this Valentine's Day
Parvesh Verma, BJP leader who defeated Arvind Kejriwal, makes BIG claim, says, 'we have to do...'
Sumona Chakravarti on joining Kapil Sharma show: 'Went from Ram Kapoor's sister to...'
Is Elon Musk still interested in buying TikTok? Tesla CEO provides BIG update, claims...
Groom's mother and mama join hands to burn the dance floor down, viral video sets internet on fire
What is historic 'Blue Gold', costlier than real gold?
Salman Khan opens up about his daddy issues with Salim Khan: 'How can he be right all the time...'