Mumbai–Ahmedabad high-speed rail corridor

An MoU was signed by the governments of India and Japan on 12 December 2015. The Ministry of Railways, based on the recommendtion of the NITI Aayog, announced that Shinkansen technology would be adopted for the line, with technology transfer to support the Make in India programme. Japan would also provide staff training. In January 2016, the Ministry of Railways fast tracked the project and set up a Special Purpose Vehicle (SPV) named the National High Speed Rail Corporation Limited to build and operate the corridor. The company was registered in January 2016 in the name of Indian Railways. It was planned for the company to eventually be made into a joint venture with equity participation of the Maharashtra and Gujarat governments. The Public sector company is expected to build and also carry out train operations. The Ministry of Railways, the National High-Speed Rail Corporation (NHSRC) and JICA signed an tripartite consultancy agreement in December 2016 to implement the project. The NHSRC is a new agency floated to implement the project. A joint venture between Japan International Consultants for Transportation Co (JIC), Nippon Koei Co, and Oriental Consultants Global Co. Ltd. was appointed as the general consultants for the project, and prepared design documents, bidding documents and technical standards and specifications for the project.

Question: indian railways forms spv to execute mumbai-ahmedabad bullet train project
Answer: yes