The foundation stone for India's first bullet train project is set to be laid near Sabarmati railway station this month.

India Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe will conduct the groundbreaking ceremony for the Mumbai-Ahmedabad High Speed Rail Project on 14 September.

The rail project is expected to involve an investment of roughly Rs980bn ($15.3bn) and will receive nearly 81% of the funding via a loan from Japan, reported PTI.

It will cover an estimated distance of 508km in approximately two hours, travelling at a speed of nearly 320km/h.

The Ahmedabad division of Indian Railways is currently making all necessary arrangements at the athletic ground near Sabarmati station, where the foundation stone laying ceremony will be held, timesofindia.indiatimes.com reported.

"The rail project is expected to involve an investment of roughly Rs980bn ($15.3bn) and will receive nearly 81% of the funding via a loan from Japan."

A detailed project report prepared by the Japan International Cooperation Agency (JICA) noted that the majority of the corridor will have an elevated track, while a portion located after Thane creek towards Virar will be built under the sea.

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The proposed Mumbai–Ahmedabad high-speed rail corridor will link the Indian cities of Ahmedabad, Gujarat and Mumbai, as well as Maharashtra in the country's western region.

It was announced during Modi’s visit to Japan last year that construction will start by the end of 2018.

The rail line is slated to become operational by 2023.