Pune-Mumbai Route Will Support 150 Million Passenger Trips
Per Year And Help India Boost Its Economic Competitiveness Through
High-Speed Transportation Innovation and Job Creation
Construction Will Begin With An Operational Demonstration
Track
MUMBAI, India, Feb. 18, 2018 /PRNewswire/ -- Virgin Hyperloop
One today announced the Indian State of Maharashtra's intent to
build a hyperloop between Pune and
Mumbai beginning with an
operational demonstration track.
Virgin Group Founder and Virgin Hyperloop One Chairman Sir
Richard Branson announced the
Framework Agreement in the presence of the Hon'ble Prime Minister
Narendra Modi and the Hon'ble Chief
Minister of Maharashtra Devendra Fadnavis to begin the development
of the route. This historic signing at the Magnetic Maharashtra
event was also attended by Virgin Hyperloop One board members and
key investors Sultan Ahmed bin
Sulayem, CEO and Group Chairman of DP World, and Ziyavudin
Magomedov, Chairman of Summa Group.
Recognizing the Maharashtra government's contribution to the
country's economy, Indian Prime Minister Narendra Modi said, "51 per cent of total
investments in India have come to
Maharashtra, and the state is attracting global investors. The
state's overall development in the past few years is a shining
example of change thinking and improving conditions in the country.
Maharashtra government was ahead of all other Indian states in
terms of infrastructure spend and the state is on its way to
achieving its bold vision of a trillion-dollar economy."
"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," said Sir Richard
Branson. "Virgin Hyperloop One can help India become a global transportation pioneer
and forge a new world-changing industry."
The hyperloop route will link central Pune, Navi Mumbai International Airport, and
Mumbai in 25-minutes, connecting
26 million people and creating a thriving, competitive megaregion.
The high-capacity passenger and cargo hyperloop route eventually
will support 150 million passenger trips annually, saving more than
90 million hours of travel time, and providing citizens with
greater opportunities and social and economic mobility. The
hyperloop system will also have the potential for the rapid
movement of palletized freight and light cargo between the Port of
Mumbai and Pune, creating a robust backbone for on-demand
deliveries, supply chains, and next-generation logistics.
The Pune-Mumbai route could result in USD $55 billion (INR 350,000
crores) in socio-economic benefits (time savings, emissions
and accident reduction, operational cost savings, etc.) over 30
years of operation, according to an initial pre-feasibility study
completed by Virgin Hyperloop One. The 100% electric, efficient
hyperloop system will ease severe expressway congestion and could
reduce greenhouse gas emissions by up to 150,000 tons annually.
"With Virgin Hyperloop One, we can create a sustainable
infrastructure that will enhance the State of Maharashtra's
competitiveness and attract new investment and businesses," said
the Chief Minister of Maharashtra Devendra Fadnavis. "The
Pune-Mumbai hyperloop route will be an economic
catalyst for the region and create tens of thousands of jobs for
India's world-class manufacturing,
construction, service, and IT sectors and aligns with Make in
India initiatives."
The Pune-Mumbai hyperloop project will begin with a
six-month in-depth feasibility study which will analyze and define
the route alignment including environmental impact, the economic
and commercial aspects of the route, the regulatory framework, and
cost and funding model recommendations. The feasibility study will
build upon the findings of the pre-feasibility study signed in
November 2017 between the Pune
Metropolitan Regional Development Authority and Virgin Hyperloop
One.
The project will enter a procurement stage upon the successful
completion of the feasibility study to determine the public-private
partnership structure. Construction of the Pune-Mumbai
hyperloop route would commence after procurement and will be
completed in two phases, beginning with an operational
demonstration track built between two points on the route. The
demonstration track will be constructed in two to three years from
the signing of the agreement and serve as a platform for testing,
certifying, and regulating the system for commercial operations.
The second phase will target to complete construction of the full
Pune-Mumbai route in five to seven years. Future
projects could also extend the route to link central Pune with the New Pune International Airport
and Jawaharlal Nehru Port in Mumbai with Pune's industrial economic zones.
"The Pune-Mumbai hyperloop project will ultimately be
executed by a public-private partnership which will save taxpayer
money while delivering a transport option that will help the State
of Maharashtra support economic growth, improve sustainability, and
meet the transport demands," said Kiran
Gitte, CEO of the Pune Metropolitan Region Development
Authority.
"We have always believed that India would be a tremendous market for
hyperloop. The Pune-Mumbai route is one of the strongest economic
cases we have seen to-date," said Virgin Hyperloop One CEO
Rob Lloyd. "The State of Maharashtra
has made a strong commitment to building the first hyperloop route
in India. We are looking forward
to partnering with the State as well as our partners to make the
Pune-Mumbai route a reality."
For the signing photo, route map, fact sheet, and b-roll click
here. Additional media images can be accessed here.
About Virgin Hyperloop One
Virgin Hyperloop One is the only company in the world that has
built a fully operational hyperloop system. Our team has the
world's leading experts in engineering, technology, and transport
project delivery, working in tandem with global partners and
investors to make hyperloop a reality, now. Virgin Hyperloop One is
backed by key investors including DP World, Caspian VC Partners
(part of Summa Group), Virgin Group, Sherpa Capital, Abu Dhabi
Capital Group, SNCF, GE Ventures, Formation 8, 137 Ventures,
WTI, among others. For more information, visit
www.virginhyperloopone.com.
Media Contacts
Genesis
Burson-Marsteller
Shivangi Prabhudesai
Shivangi.Prabhudesai@bm.com
+91 9769351676
Virgin Hyperloop One
Ryan Kelly
Head of Marketing and Communications
press@hyperloop-one.com
+1-610-442-1896
Photo -
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