This is the old IMC "Indianapolis - Michigan City" line of the NKP.
This line was given up by NS in the 1980's and taken back before the Conrail split. NS currently uses it to store cars, but after the Conrail split, we would run up to Sharpsville and switch the CO-OP there.
Last I heard, NS has no plans for it. If they would try and abandon it, I am sure RailAmerica would try and get it to connect to Indianapolis.
NS removed the diamond with the Frankfort District in the early 1990's IIRC.
South of the diamond its owned by the port authority to Indy and used by the Indiana Transportation Museum. Only a small segment, around a couple hundred feet are gone right on either side of the old diamond, or else the line would be 100% from Indy to Kokomo.