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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
01:11 PM IST