Virgin Hyperloop One signs pact with India for broad hyperloop framework
British tycoon Richard Branson-backed Virgin Hyperloop One is proposing to build a super-fast transportation system in India that would connect the city of Pune with the planned new airport in Mumbai in 25 minutes, saving about three hours, reports Bloomberg.
The hyperloop transportation between central Pune and Navi Mumbai Airport is expected to carry 150 million passengers every year.
According to the company statement, Branson signed a preliminary agreement on Sunday in Mumbai for a broad hyperloop framework.
A demonstration track will be built in two to three years from the signing of the final agreement, while the second phase will aim to complete construction of the full Pune-Mumbai route in five to seven years.
The report said the Pune-Mumbai hyperloop project could result in $55 billion in socio-economic benefits over 30 years of operation, according to an initial study by Virgin Hyperloop One.