"We signed a memorandum of understanding (MoU) with Los Angeles-based Virgin Hyperloop One to conduct a pre-feasibility economic study for the project," said Vini Mahajan, state Additional Chief Secretary (Investment Promotion).
Virgin Hyperloop One is supported by Dubai-based D.P. World, its largest investor.
The MoU was signed by K. Siva Prasad, Principal Secretary (Transport), and Harj Dhaliwal, Managing Director (Middle East and India) of Virgin Hyperloop One, in the presence of Chief Minister Amarinder Singh and D.P. World Subcontinent CEO and Managing Director, Rizwan Soomar.
Virgin Hyperloop One is also in discussions with the government of Haryana for a separate MoU to evaluate the feasibility of a hyperloop system that could potentially extend the route from Punjab to the NCR.
As per company's initial estimates, a hyperloop transportation project along the Amritsar-Ludhiana-Chandigarh corridor could reduce travel time from five hours by road to less than 30 minutes.
"Punjab is very keen to be the second state in India, after Maharashtra, to build a hyperloop system. Specifically, we would like to explore a hyperloop project through Punjab, connecting with other metropolitan centres in the country. In the future, this project could link beyond Punjab to connect to the NCR," said Amarinder Singh.
"The hyperloop project pre-feasibility study will be completed within six weeks. It will evaluate several measures such as cost, demand, and socio-economic benefits of the corridor," said Invest Punjab advisor Moshe Kohli.
"We are excited to be partnering with the government of Punjab in this study. A hyperloop route in Punjab can be transformative for the state and we look forward to moving ahead on this project, just as have we done in Maharashtra. There is tremendous economic potential in connecting some of Punjab's biggest cities, such as Amritsar, Ludhiana, and Chandigarh," said Harj Dhaliwal, MD India and Middle East, Virgin Hyperloop One.
( With inputs from IANS )