Brazil Opens Bidding for High-Speed Rail Project

15 July 2010 (Last Updated July 15th, 2010 18:30)

Brazil has opened bidding for a high-speed train linking Rio de Janeiro with Sao Paulo. France-based Alstom, Germany's Siemens and Japan's Mitsui & Co will bid for the project, according to af.reuters.com. Brazil's development bank BNDES will provide BRL20bn ($11bn) towards

Brazil has opened bidding for a high-speed train linking Rio de Janeiro with Sao Paulo.

France-based Alstom, Germany's Siemens and Japan's Mitsui & Co will bid for the project, according to af.reuters.com.

Brazil's development bank BNDES will provide BRL20bn ($11bn) towards the project, which will be built and run on a concession basis.

The country's government will create a closed capital company, ETAV, to manage the project, which is scheduled to be completed by 2017.

The government will retain the majority share in ETAV, which will oversee the line's construction and operation as well as the transfer of technology.

On completion of the train line project, passengers will be able to travel between Sao Paulo and Rio in just over 1.5 hours, compared to one hour by air and six by bus.