Indian state approves project status for DP World-backed hyperloop project
DP World set to invest $500m in private capital to complete phase one of Mumbai to Pune hyperloop project
Maharashtra has approved infrastructure project status for the $10 billion hyperloop that aims to become the world's transportation system of its kind.
The state also approved a DP World-Virgin Hyperloop One consortium as the original project proponent (OPP) for the project that will cut down travel time between Mumbai and Pune to less than 35 minutes, compared to the current 3.5 hours plus.
In a statement, DP World said it is set to invest $500 million in private capital to complete phase one of the project, while further foreign direct investment of billions of dollars is expected.
The project will generate hundreds of thousands of new high tech jobs, create over $36 billion in wider socio-economic benefits, and create new hyperloop component and manufacturing opportunities for Maharashtra to export to India and the rest of the world.
Devendra Fadnavis, Chief Minister of Maharashtra, said, “Maharashtra will create the first hyperloop transportation system in the world and a global hyperloop supply chain starting from Pune. We have just named DP World-Virgin Hyperloop One consortium as the OPP for the Mumbai-Pune hyperloop project and preparing to start the public procurement process.”
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World and chairman of Virgin Hyperloop One, said, “To be named OPP is an incredible vote of confidence in our ability to deliver this advanced technology to the people of India and enhance their lives.”
“This is history in the making. The race is on to host the first hyperloop transportation system in the world, and this announcement puts India firmly in the lead,” said Jay Walder, CEO of Virgin Hyperloop One.
There are approximately 75 million passenger journeys between Mumbai and Pune annually – expected to skyrocket to 130 million by 2026.
Virgin Hyperloop One’s system aims to meet this growing demand by supporting as many as 200 million passengers annually. The ultra-high speed linkage also offers a sustainable form of mass transportation with zero direct emissions.
Virgin Hyperloop One is the only hyperloop company who has built a full-scale hyperloop test track and has completed hundreds of test runs to date.
The company is now working with governments, partners, and investors around the world to make hyperloop a reality in years, not decades. They currently have projects underway in Missouri, Texas, Colorado, North Carolina, the Midwest, India, Saudi Arabia, and the UAE.
Source: Arabian Business