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More than 70 local, national and international businesses have expressed interest in the project.
Construction on the first stage is due to start in 2023.
An extensive site investigations program is expected to start later this year, to understand the current ground conditions along the local corridor.
It is hoped the fast rail will cut travel time to 50 minutes between Geelong and Melbourne.
Meantime, Geelong's trains are getting busier as more people get back onto public transport, however local services hit the punctuality and reliability targets for April.
The reliability benchmark set by V/Line is 96 per cent, with 96.3 per cent of trains taking to the tracks last month.
Nearly 96 per cent of trains were on time, above the target of 92 per cent.
This article first appeared on www.bay939.com.au
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