Day 1 of Magnetic Maharashtra: Mumbai-Pune hyperloop, Rs60K-crore for industrial development

The hyperloop, while reducing the travel distance to 14 to 25 minutes, will also connect the Mumbai and Navi Mumbai airports, he said.

The inauguration of the three-day Magnetic Maharashtra received a major boost at its inaugural session as British business tycoon Richard Branson announced development of the world’s first operational hyperloop between Mumbai and Pune by 2025. The hyperloop, while reducing the travel distance to 14 to 25 minutes, will also connect the Mumbai and Navi Mumbai airports, he said.

Mumbai CII president Shobana Kamineni takes a selfie with Virgin group founder Richard Branson during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai on Sunday. (PTI)

Virgin Group Founder and Virgin Hyperloop One chairman Richard Branson announced the framework agreement in the presence of Prime Minister Narendra Modi, Maharashtra chief minister Devendra Fadnavis, union transport minister Nitin Gadkari among others. He said once built, it will be able to move 10,000 passengers on the route in an hour and 150 million passengers in a year once fully operational.

Anand Mahindra, chairman, Mahindra Group, announced an investment of Rs1,700 crore in a film-centric tourism hub at Kandivli . He said the company will tap the opportunity of tourism related to Bollywood and entertainment industry. The group will invest in establishing a centre of excellence in Nagpur, with an investment of Rs125 crore besides the investment of Rs500 crore in electric vehicle venture in the state. The Centre for excellence will create 2500 jobs, he said.

Mukesh Ambani, chairman, Reliance Industries, announced an investment of Rs60,000 crore in collaborative initiative over the next ten years in Maharashtra. “Reliance will set up India’s first-ever integrated industrial areas for the fourth industrial revolution in the state. We will invest more than Rs60,000 crore in collaboration with global companies including Dell, HP, Cisco, Seemens. We have started getting huge response from them. ”

He said the fourth industrial revolution will help Maharashtra solve issues related to education, water security and boost agricultural development.