The Government of Maharashtra in India has approved the world’s first hyperloop project worth $10 billion, and involving Dubai’s DP World, between the cities of Mumbai and Pune. Virgin Hyperloop One and port operator DP World have been named as the originators of the multibillion-dollar Hyperloop project in India.
Once completed, a distance of approximately 150 km between Mumbai and Pune will be completed in just 23 minutes. Currently, it takes about three and a half to four hours by road to reach Pune from Mumbai. At present, there are no fully functional hyperloops anywhere in the world.
According to reports, the DP World-built Hyperloop in India will run from Bandra Kurla Complex in Mumbai to Wakad in Pune. It is estimated that the project will take up to seven years to be completed. The first phase construction will begin by the end of this year. In its first phase, an 11.8 km long track will be constructed in Pune with an investment of $724 million. The first phase is scheduled to be completed by 2023.
In the second phase of the project, Wakad will be connected to Kurla, 117 km away in Mumbai.
According to DP World, no taxpayer money will be spent on the project. The company will invest $500 million to complete the first phase of the project. The remaining fund will be accumulated from other investors.
Earlier in 2017, Virgin Hyperloop One signed an agreement with Maharashtra and Karnataka’s government to study the impact of a hyperloop in the country.
According to Virgin Hyperloop One, the project is expected to create thousands of new jobs, over $36 billion in socio-economic benefits, and a new hyperloop component and manufacturing opportunities for the state of Maharashtra.