Moneycontrol NewsLos Angeles-based Hyperloop One is making a super-fast transportation solution conceptualised by SpaceX’s Elon Musk and the company is in talks with the Indian government to partially build and operate the vehicle on some of the major routes of the country, the company announced at an event on Tuesday.
The company is planning to locally source few parts of the components such as steel if it continues with the plan.
“India turns out to be massive opportunity, we are committed to building a new mode of transportation that is point-to-point and sustainable. We want to build a production system in India. We want to make in India.” said, Rob Llyod, CEO, Hyperloop One.
"We want to align the stakeholders to actually find a route that makes sense, to do the detailed engineering, do the work on financing that route, think about a public-private partnership." he added.
Last weekend another hyperloop technology related firm Hyperloop Transportation Technologies was in talks with five Indian states to build a high-speed travel network. The company is looking forward to raise USD 100 million to invest in the country. The company has so far invested USD 32 million in the project and is already in various stages of implementation in UAE, Slovakia and the US.
Hypeloop Technology uses magnetic levitation in low pressure tubes that allows a pod like vehicle to travel at super speed with zero turbulence and can attain speed of 1000 kmph.
If the partnership with Indian government is successful. Hyperloop One promises Delhi to Mumbai trip in just 80 minutes. It plans to build 5 routes across India:
1) Delhi-Mumbai in 80 minutes2) Mumbai-Chennai in 60 minutes3) Bengaluru-Thiruvananthapuram in 40 minutes4) Chennai-Bengaluru in 21 minutes
5) Mumbai-Kolkata in 220 minutes
The company already have projects underway in Finland, Dubai-DP world, Netherland, Los Angeles and Dubai-RTA.
PM Narendra Modi has plans to spend a record Rs 3.96 trillion (USD 59 billion) to build and modernize its railways, airports and roads.
“These are transforming years for India. What Hyperloop One presents is a transformational technology. We would like to work as an accelerator and government of India would be delighted to partner with this company.” said Amitabh Kant, CEO, NITI Aayog.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
