01 August, 2019

India approves hyperloop project backed by DP World - Hyperloop One consortium

The transportation system could create thousands of new jobs, hyperloop component and manufacturing opportunities for the Indian state

Image for illustrative purposes.

Image for illustrative purposes.

Virgin Hyperloop One/handout via Thomson Reuters Zawya

The Indian state of Maharashtra has approved the construction of a hyperloop project between the country’s financial capital, Mumbai and Pune, by the hyperloop consortium backed by Dubai ports operator DP World.

Maharashtra has named DP World-Virgin Hyperloop One consortium as the Original Project Proponent for the hyperloop project that will cut down the travel time to Mumbai in less than 35 minutes, as opposed to the current 3.5+ hours by road.

The project is expected to create hundreds of thousands of new high tech jobs, over $36 billion in socio-economic benefits, and a new hyperloop component and manufacturing opportunities for Maharashtra to export to India and the rest of the world, a statement from Virgin Hyperloop One said.

Earlier in April this year, the co-founder of Virgin Hyperloop One Josh Giegel told Zawya that the project that is moving the fastest worldwide is the one in India between Mumbai and Pune with construction of the certification track set around the end of this year, to the beginning of 2020.

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DP World is currently the largest investor in Hyperloop One and the Dubai-based firm’s CEO Ahmed bin Sulayem was elected as the Chairman of Virgin Hyperloop One in November 2018, after Virgin Group’s British Billionaire Richard Branson stepped down from the role.

Last year, Virgin Hyperloop One, along with DP World, introduced an international brand for hyperloop-enabled cargo named DP World Cargospeed. The consortium aims to use the technology for transporting light-weight high-value cargo at flight speed and trucking cost at the same time.

(Reporting by Nada Al Rifai, editing by Seban Scaria )

(nada.rifai@refinitiv.com)

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© ZAWYA 2019

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