JANUARY 06, 2018 | 07:15:19Indian government approved a $2.5 billion investment from the World Bank to build a high-speed railway connecting Mumbai and Hyderabad, making the country’s first high-frequency railway operator the countrys largest private investment.
Indian Prime Minister Narendra Modi signed the agreement with the World Investment Corporation on Friday.
The investment comes at a time when India is looking to attract private investment in its high-capacity rail network.
India is also considering the expansion of the railways network to meet the demand of expanding manufacturing and other sectors.
India is looking at expanding its high frequency rail network from 5,000 to 15,000 kilometers (3,000-6,000 miles) from 2019.
It is also looking at opening up the country to other private investors, especially for passenger trains.
Earlier this month, Modi announced a Rs. 25,000 crore plan to expand the railways from the existing 8,000 km to 25,200 kilometers (15,000 and 25,600 miles) in 2019.
India will also build two more high-profile rail lines in the next three years, including the Indiranagar-Mumbai line.