The central government has set up National High Speed Rail Corporation Limited (NHSRC) for the development and operation of the 534 km Mumbai-Ahmedabad high speed rail (HSR) project. This is a JV between the MoR and the Gujarat and Maharashtra governments, with an equity stake in the ratio 50:25:25 respectively and an authorised paid-up capital of Rs 200 billion. The remaining Rs 804.85 billion (81 per cent of the project cost) will be provided by the Government of Japan as a soft loan for a period of 50 years with a 15-year moratorium at an interest rate of 0.1 per cent. NHSRC will build and operate the HSR. After five years, private players will be allowed to operate the HSR, on a suitable revenue-sharing arrangement. The corporation, which will own the assets created on the corridor, will have independence in decision-making and will operate as a professional entity.