Gujarat Government on Thursday signed a memorandum of understanding (MoU) worth Rs 77,000 crore with the Ministry of Railways for the Mumbai-Ahmedabad Bullet train project.

The MoU was signed during the ongoing Vibrant Gujarat Summit at Mahatma Mandir here today in the presence of Chief Minister Vijay Rupani and Deputy Chief Minister Nitin Patel.

Out of the total cost of Rs 1.10 lakh crore for the high-speed Bullet train project, Gujarat government would get 70 per cent share, the state government said in a release.

The agreement was signed between Gujarat government and the High Speed Rail Corporation (HSRC), which falls under the Railway Ministry.

"Under this agreement, Rs 77,000 crore will be invested in Gujarat for the Bullet train project. We have signed an MoU today in this regard with the Ministry of Railways," Rupani told reporters here.

The high speed Bullet train is expected to cover 508 km between Mumbai and Ahmedabad in about two hours, running at a maximum speed of 350 kmph and operating speed of 320 kmph.

The project is expected to be completed by the 2023.

Passengers will get the thrill of riding under the sea during as this first bullet train of the country will have a a 21-km tunnel under the sea.

According to the detailed project report proposed by Japanese International Corporation Agency (JICA), while most part of the corridor is proposed to be on the elevated track, there will be a stretch after Thane creek towards Virar, which will run under the sea.

Rolling stock and other equipment like signalling and power system will be imported from Japan as per the loan agreement.

Railways has already allotted Rs 200 crore for the Special Purpose Vehicle (SPV), in which Maharashtra and Gujarat will have equity of 25 per cent each and the Indian Railways will have 50 per cent.

"Another MoU was signed to set up a training centre at Gandhinagar to impart training to engineers and employees associated with the Bullet train project," the release said.

Third MoU was signed between the state government and Railways to set up a container depot in Rajkot, for which Railways will invest Rs 100 crore, Rupani told reporters.