From left: Castlepines Global Equities Japan Office Senior Adviser Sri Lanka Ranil Francisco, High Speed Railway Corporation (Pvt.) Ltd Chief Executive Officer Shohrab Salman, High Speed Railway Corporation (Pvt.) Ltd Chairman Dr. P.R.I. Michael, Castlepines Global Equities General Manager Asia Pacific Dr. Ishizaki Bungo, Castlepines Global Equities Japan Office President Takashi Kinoshita and Castlepines Global Equities Japan Office Senior Advisor Japan Udaya Athukorala
High Speed Railway Corporation (Pvt.) Ltd (HSRC), a company that plans to develop high-speed rail in Sri Lanka, has partnered with Castlepines Global Equities (CGE) (Japan office), an international equity investment company, in a bid to introduce the magnetic levitation (maglev) technology to Sri Lanka.
HSRC and CGE have jointly extended a mandate to the Korean Institute of Machinery & Materials (KIMM), which has pioneered the maglev technology into an urbanized version that has been successfully implemented in Korea with efficiency and economic value for both the operator and passenger.
The 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 the local know-how for the future, a statement issued to the media said.
“This would be the first such instance in the entire Asian region.”
“CML-MTD Construction Ltd, which is part of MTD Walkers PLC and its 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,” the statement added.
Ceylan Insurance Brokers (Pvt.) Ltd has been mandated as the exclusive insurance partner for the project.
The proposed mega project constitutes a state-of-the-art railway line that will use magnetic levitation (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.
Within the stations/terminals proposed, the individual development projects under the umbrella of ‘High Speed Rail & Mixed Development Mega Project’ will be undertaken, which includes a fully-equipped 300-bed hospital in Ragama, a 400-bed star-class hotel in Colombo Fort and the modernization of the townships of Negombo and Bopitiya.
“This is a landmark event for me and the country that I consider to be my motherland through my maternal heritage. And it has been a journey that I have worked towards over the past decade. I take great pride in announcing this landmark signing event and look forward to the realization of the project,” said HSRC Chairman and promoter Dr. Parimalam Rajo Isa Michael.
Michael has previously floated a company named Airport Express Air and Rail Company (Pvt.) Ltd to develop a metropolitan railway system running from Katunayake to Colombo Fort, of which the construction was scheduled to begin in 2013 and completed in 2016.