To make travel at 1,000 kmph possible in India, US-based Hyperloop in talks to raise $100 mn for India

To make travel at 1,000 kmph possible in India, US-based Hyperloop in talks to raise $100 mn for India

It is in talks with a corporate house for a local partnership and also an academic institution, its chairman Bibop Gresta has said.

US-based Hyperloop Transportation Technologies (HTT) is in talks with five Indian states to build a high-speed travel network and will also raise USD 100 million to invest in the country. It is in talks with a corporate house for a local partnership and also an academic institution, its chairman Bibop Gresta has said. “We have five offers on the table from five chief ministers. We spoke to them and the one that will give us the land we will go and build. We have local partners and we are now raising USD 100 million and bringing another investment from abroad,” Gresta told PTI over the weekend.

The money will be raised exclusively for India play and from both international and domestic investors, he said. Once the land and other permissions for the “fifth mode of transportation”, which is based on a futuristic idea presented by entrepreneur Elon Musk in 2013, are in place, HTT can host a passenger in 36-38 months, he said. The idea entails putting goods and people in capsules which will travel in specially-made vacuum tunnels built above the ground.

Magnetic levitation and zero resistance will ensure the capsules travel at very high speeds of over 1,000 kmph. It has not yet been deployed anywhere yet. Asserting that HTT has been in touch with Indian officials for long and has also hosted Union Minister Nitin Gadkari at its US offices, Gresta expressed dismay for the “confusion” created by rival ‘Hyperloop One’. In its efforts to develop in the lucrative Indian market, the rival is reportedly hosting a seminar in the national capital next week.

“They (officials) are talking only with us, until now. Their (HO) company is doing an event on 27th. They are confusing a little bit. That confuses the brand Hyperloop. The funny thing is that they convinced the rail minister to go there,” he said. After presenting the idea, which entails passengers or goods being transported inside capsules put inside vacuum created in special tunnels above the ground at speeds of over 1,000 kmph, Musk asked the industry to work on it. HTT and HO are seeking to commercialise the idea. Gresta said his 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.

Despite this, he said, the company will first build a 5-8 km track in India as part of its feasibility study. When asked about the need to experiment if the company is confident about the technology, he denied that they are “experimenting” but was quick to add that the smaller lengths are essential as much of the work has happened on computer- aided simulators. Making a case against the more expensive high-speed trains like the Japanese bullet train, Gresta said it will take an investment between USD 20-40 million per km for building HTT’s network and exuded confidence of achieving break-even in 8-10 years.

The idea is to build network between important cities like Mumbai and Delhi or Mumbai and Bengaluru in such a way that the journey time gets reduced to as low as an hour. Gresta said 30 of the 600 people who have contributed to HTT’s project are Indians and the company is also looking to have an office here looking at the opportunity it presents. “India is a great opportunity right now, and should embrace it. I will do it if I was a wise politician. I am passionate about India because it can be one of the first countries,” he said.

 

News Source: PTI

About author

TnH Global
TnH Global 4067 posts

Our platform is the most comprehensive, current and accurate content destination for tourism that also offers the opportunity to connect and network with quality buyers and sellers.

Name: TnH Global              Email: admin@tnhglobal.com

You might also like

Trending

Visit Monaco welcomes Karan Johar to the Principality

Monaco Tourism along with Hotel Metropole and Fairmont Monte-Carlo proudly hosted the legendary Bollywood Director & Producer, Karan Johar, in association with Millionaire Asia magazine. Monaco Government Tourist & Convention

Slider

SpiceJet’s Fly for Free offer

SpiceJet’s Fly for free’ offer is valid until December 31, 2017 With the onset of festive season, SpiceJet has announced ‘Fly for free’ offer. Under this scheme, a passenger can

Latest

Online travel portals line up freebies to woo customers

Online travel services firms such as MakeMyTrip, Yatra and Cleartrip are wooing customers this festive season with enticing freebies like gift cards worth up to Rs 50,000, one night free

Latest

AIRASIA GROUP CEO TONY FERNANDES RECEIVES OCI STATUS

AirAsia Berhad Group CEO Tony Fernandes received Overseas Citizenship of India (OCI) status from the Government of India. OCI confers same privileges as a Non-Resident Indian. The statement was issued

Trending

Norwegian Cruise Line unveils Hull Artwork for Norwegian Encore

Celebrated Spanish Artist Eduardo Arranz-Bravo Commissioned to Design the Hull of the Final Breakaway-Plus Class Ship Norwegian Cruise Line revealed that Eduardo Arranz-Bravo, the award-winning Spanish artist, created the hull

Travel Trade

Via.com launches the Biggest Online Travel Sale – BOTS 2017

An EbixCash Initiative, Via.com geared to handle 30x growth related to Holiday Period Demand EbixCash, India’s leading Financial Exchange and an initiative of Ebix, Inc. (NASDAQ: EBIX), today announced the launch of

Destinations

MTDC introduces exciting monsoon offers for August-September, 2016

Maharashtra Tourism Development Corporation (MTDC) has recently announced exciting offers to attract domestic tourists to experience the monsoon beauty of Maharashtra with an ease.  The tourism board is offering a

Destinations

Making India a Preferred MICE Destination

India is relatively a new entrant in the Global Convention business. Most of the Convention business in India is generated from the domestic market and as per the International Congress

Latest

IndiGo introduces daily non-stop flight between Singapore and Bangalore

Flyers can book tickets at an affordable round trip fare of INR 14,242. Continuing to strengthen its network in the Asia-pacific region, IndiGo, India’s largest and fastest growing low-cost carrier

Destinations

Nepal, India agree to establish new air entry points

Nepal and India agreed on Saturday to establish four new air entry points to enhance air connectivity between the two countries, the Civil Aviation Authority of Nepal (CAAN) said. Aviation

Latest

US may stop spouses of H-1B Visa holders from working

The Trump administration’s plans to overhaul the H-1B program has caused particular alarm in India, which accounts for 70 per cent of all H-1B workers. The Trump administration is considering

flydubai celebrates its 2nd anniversary in Mumbai

Airline continues to build trade and tourism links between Mumbai and Dubai Dubai-based flydubai today marked the second anniversary of its service between Mumbai’s Chhatrapati Shivaji International Airport and Dubai

0 Comments

No Comments Yet!

You can be first to comment this post!