Sri Lanka embarks on a mega high speed rail project
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Dr. P. R. I. Michael, Chairman, High Speed Railway Corporation Pvt Ltd., handing over the project report to Dr. Ishizaki Bungo, General Manager, Asia Pacific - CGE.
Sri Lanka has launched a mega high speed rail and mixed development project introducing the magneticlevitation (maglev) technology through High Speed Railway Corporation Pvt Ltd (HSRC).
HSRC has initiated this venture when its equity partner Castlepines Global Equities–Japan Office (CGE) signed an agreement to partner in carrying out this mega project in the country, a media release issued by the company revealed.
Dr. Parimalam Rajo Isa Michael was the prime mover in setting up this partnership with CGE, one of the world’s largest equity funding partners.
HSRC with CGE have jointly extended a mandate to the Korean Institute of Machinery & Materials (KIMM) who have pioneered the MagLev technology into an urbanised version that has been successfully implemented in Korea with efficiency and economic value for both the operator and passenger.
KIMM will be mandated to undertake the design, development and implementation of the technology in Sri Lanka, while also taking on the responsibility to train and technically equip local know-how for the future, the release said.
CML-MTD Construction Ltd, which is part of MTD Walkers PLC of Sri Lanka and their global counterparts Alloy MTD (based in Malaysia), will be mandated to undertake the construction of the proposed Rail Project estimated to cost around US$2 billion at this stage.
Ceylan Insurance Brokers Pvt Ltd have been assigned as the ‘exclusive’ insurance partners of the mega project.
The proposed project constitutes a state-of-the-art railway line that will use maglev to cover Negombo, Katunayake (Bandaranaike International Airport – BIA), Bopitiya, Ragama, Kettarama International Cricket Stadium, Beira Lake (Colombo Fort), Port City and Colombo 3 (Kollupitiya) Railway Station.