"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."

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.

"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.

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