PHOTO
India's Maharashtra government has decided not to implement the proposed ultra-high-speed Mumbai-Pune Hyperloop project, saying a project of such magnitude could turn out to be a risky proposition for the state.
After conducting a review meeting on the feasibility of the futuristic transport system Maharashtra Deputy Chief Minister, Ajit Pawar told reporters: "Hyperloops have never been constructed anywhere in the world until now, so let this be tried somewhere else before us. Once it is successful, we can think of it."
“Let it happen somewhere else. Let it become successful for at least a 10 km distance somewhere abroad,” Press Trust of India quoted Pawar as saying.
However, he further clarified that his comment should not be seen as a decision to scrap the project.
“We do not have the capacity to experiment with Hyperloop. We will concentrate on other modes of transport and in the meantime, if that technology develops more with successful trials abroad, we can think about it,” Pawar said.
The previous BJP-lead chief minister of Maharashtra, Devendra Fadnavis had signed a memorandum of understanding (MoU) with the US-based transportation technology company, Virgin Hyperloop One (VHO), which aims to reduce travel time between Pune and Mumbai to just 35 minutes.
In August 2019, the government announced that a consortium of Virgin Hyperloop One and global ports owner DP World would be the preferred operator to build “the first hyperloop transportation system in the world".
US billionaire entrepreneur Elon Musk's Hyperloop concept envisages a system of sealed tubes through which a pod may travel free of air resistance at great speeds. Dubai-based ports operator, DP World has partnered with VHO and invested more than $90 million in the startup. DP World already has two seats on the startup’s board of directors.
In May 2019, VHO raised $172 million in new funding to bring its hyperloop dreams to life.
Last year, Pune Metropolitan Region Development Authority onboarded audit firm PwC as a consultant. VHO released new jobs figures for the Pune Mumbai Hyperloop Project verified by KPMG estimating that it will create more than 1.8 million direct and Indirect jobs in Maharashtra. Based on KPMG insights, VHO estimated that the entire Hyperloop project will bring in an investment of more than Rs 70,000 crore ($9.7 billion) and will create more than $36 billion in socio economic benefits resulting in a 2.6 percent rise in Maharashtra's GDP.
Hyperloop in the Middle East
VHO has big ambitions in the Middle East.
According to VHO, at speeds of over 1,000km/h, hyperloop can connect all Gulf cities within an hour from each other.
The system has zero direct emissions and could move close to 45 million passengers per year in the region leveraging solar panels which cover the tube, the world’s leading hyperloop company said in a statement.
Last week in Abu Dhabi, Jay Walder, Chief Executive Officer at VHO, said: “We estimate that per passenger, hyperloop is 50 per cent more energy-efficient than high-speed rail and up to 10 times more than flying. As a result, all Gulf cities could be less than an hour away from each other, powered by a zero-emission network that is energy neutral and could be completely unplugged from the grid in the Middle East.”
A hyperloop connection would see passengers travel the region at incredible speeds, cutting the travel time from Abu Dhabi to Jeddah to 48 minutes. According to VHO, passengers can travel between Dubai and Abu Dhabi on special pods at 1,200 kilometers per hour, which means a journey between both the cities will take only 12 minutes.
(Reporting by Seban Scaria; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
