Fadnavis okays Virgin Hyperloop One-DP World Pune-Mumbai route
American-Emirati consortium will start procuring for Phase 1 after state CM's approval, with Dubai's DP World to invest $500m
- The world's first hyperloop route is confirmed
- DP World will invest $500m in Phase 1 of the Indian scheme
- 'Billions of dollars' worth of FDI is expected
- Virgin Hyperloop One CEO says deal to bring 'hyperloop to the masses'
The Government of Maharashtra – led by Chief Minister Devendra Fadnavis and under the ‘New India’ vision of Prime Minister Narendra Modi – has approved hyperloop as a public infrastructure project, with the Maha Idea Committee also approving the American-Emirati Virgin Hyperloop One-DP World (VHO-DPW) consortium as original project proponent (OPP) – a milestone for the Pune-Mumbai hyperloop route in India – touted as the world’s first hyperloop system – that will reduce traffic time from 3.5 hours to 35 minutes, creating more than $6bn in socio-economic benefits and thousands of technology jobs in India.
Dubai-held DP World will invest $500m in private capital for Phase 1 of the Pune-Mumbai route, which Virgin Hyperloop One said would “certify this new technology for passenger operations, establishing India as the epicentre of hyperloop innovation without using public funds”.
The VHO-DPW consortium will work with the Government of Maharashtra on the project and expects the scheme to attract foreign direct investment worth “billions of dollars”.
Fadnavis said the Indian state government was reading to start the procurement process for the project.
He added: “Inspired by the new India vision of Honourable Prime Minister Narendra Modi, Maharashtra will create the first hyperloop transportation system in the world and a global hyperloop supply chain starting from Pune.”
DP World’s group chairman and chief executive officer, and chairman of Virgin Hyperloop One, Sultan Ahmed bin Sulayem, said: “Support for hyperloop transportation systems is mounting across the world and India has led the charge to bring hyperloop to fruition since the early stages of development.
“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.”
Virgin Hyperloop One’s CEO, Jay Walder, said the agreement was “history in the making”, adding that it was a “significant milestone” and a key step that bring “hyperloop to the masses”.
Managing director of Virgin Hyperloop One’s India and Middle East operation, Harj Dhaliwal, added: “The dynamism shown by the state and federal governments and public agencies in India has been visionary, and the country will reap the benefits of being a first-mover in adopting hyperloop technology.
“Once commercialised, it will transform the Pune-Mumbai corridor into a mega-economic region moving people and cargo between these two centres in a cost-effective and sustainable manner.
“This process creates a blueprint for a hyperloop network spanning the entire nation. We would like to thank the government of India, state of Maharashtra and partnering agencies for getting the project from vision to reality.”