The DMIC project was launched in pursuance of an MOU signed between the Government of India and the Government of Japan in December 2006. DMIC Development Corporation (DMICDC) incorporated in 2008, is the implementing agency for the project. DMICDC has been registered as a company with 49% equity of Government of India, 26% equity of the JBIC and the remaining held by government financial institutions. The Japanese Government had also announced financial support for DMIC project to an extent of US$ 4.5 billion in the first phase for the projects with Japanese participation involving cutting edge technology.
The project spans the States of Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra along the Western Dedicated Freight Corridor (DFC) of the railways. Initially, 8 nodes/cities in the six DMIC states have been taken up for development.