The government today allowed Japan to take 26% stake in the DMIC Development Corporation, which is implementing the USD 100 billion Delhi Mumbai Industrial Corridor project.
The Delhi Mumbai Industrial Corridor (DMIC) is being developed on either side along the alignment of the Western Dedicated Rail Freight Corridor.
The main thing about the USD 90 billion (Rs 4,32,000 crore) Delhi-Mumbai Industrial Corridor (DMIC), which the Union cabinet cleared on Thursday, is that it has little to do with Mumbai or Delhi. It's more about Gujarat and Rajasthan, and about creating new cities and manufacturing hubs.
The union cabinet has had an action-packed day. The cabinet today approved the restructuring of the Delhi Mumbai Industrial Corridor Development Corporation (DMIC), reports CNBC-TV18 .
India and Japan are scheduled to implement a comprehensive free trade agreement from August 1 to boost bilateral trade between the countries to USD 25 billion by 2015.