Virgin Hyperloop One may invest $450 million for demo track in India

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Pune | June 20, 2018 4:51 AM

Futuristic transport solutions company Virgin Hyperloop One may invest around $450 million in India to turn its hyperloop vision into reality.

Virgin Hyperloop One may invest $450 million for demo track in India (Reuters)

Futuristic transport solutions company Virgin Hyperloop One may invest around $450 million in India to turn its hyperloop vision into reality. Pune Metropolitan Region Development Authority (PMRDA) CEO Kiran Gitte said the Richard Branson-backed company was ready to invest the said amount for a demonstration track, provided the state government gave them the ‘right of way’ and the land required for the stations.

The demo track is slated to come up near the IT hub of Pune in Hinjewadi. The starting and ending points are yet to be finalised, Gitte said. Virgin Hyperloop and the Maharashtra government — through PMRDA — had signed a memorandum of understanding in February this year to build the first hyperloop in India.

The hyperloop route will link central Pune, Navi Mumbai International Airport and Mumbai in 25 minutes. It is expected to be operational by 2024. It is also expected to eventually support 150 million passenger trips annually, saving more than 90 million hours of travel time and also reduce emission as the hyperloop transportation is 100% electric.

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