Virgin Group Founder and Virgin Hyperloop One chairman Sir Richard Branson announced that it has signed an agreement with Maharashtra government on Sunday to build a hyperloop between Pune and Mumbai beginning with an operational demonstration track.
The Hyperloop route would link central Pune, Navi Mumbai International Airport, and Mumbai in 25-minutes and connect 26 million people, supporting 150 million passenger trips per year.
The company further said that the route could result in USD $55 billion (Rs.350,000 crores) in socio-economic benefits and operational cost savings with 30 years of operations.
He said the near-supersonic mode of on-ground passenger travel could cut travel time considerably and also reduce accidents. The hyperloop mode uses technology in which a vehicle in a special tunnel floats above the track, using magnetic levitation, at a top speed of 1,000km per hour.
Pune-Mumbai @Virgin @HyperloopOne route could result in USD $55 billion in socio-economic benefits, time savings, accident reduction & operational cost savings, over 30 years https://t.co/IkYbfIs2yi pic.twitter.com/wnPzCOFkHN
— Richard Branson (@richardbranson) February 18, 2018
The foundation stone for the project was laid by Prime Minister Narendra Modi at the Magnetic Maharashtra Global Business Summit in Mumbai.
Richard Branson, Company Chairman and business tycoon, stated that it would take the project three years to complete the test run and roughly 7 years to begin commercial operations.
Commenting on the same, Sir Richard Branson said ” I believe Virgin Hyperloop One could have the same impact upon India in the 21st century as trains did in the 20th century. The Pune-Mumbai route is an ideal first corridor as part of a national hyperloop network that could dramatically reduce travel times between India’s major cities to as little as two hours. Virgin Hyperloop One can help India become a global transportation pioneer and forge a new world-changing industry.”