Virgin Hyperloop One has confirmed that Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, has been elected as its new Chairman, replacing Sir Richard Branson. At the same time Jay Walder, one of the world’s most experienced mass transportation and technology executives, has been appointed as its new chief executive.
It has also been confirmed that DP World will become Virgin Hyperloop One’s largest investor and plans to initially focus on a major development opportunity in India, where the government has recently declared the Pune-Mumbai hyperloop project as a public infrastructure project. DP World says it sees benefits not just for passenger transport but also in freight logistics, moving cargo at the speed of flight, but at the cost of trucking.
If the Indian government ultimately awards it a concession for this landmark development, Virgin Hyperloop expects to start construction on the 11km test loop in 2019. When completed, hyperloop will reduce the travel time between Mumbai and Pune from about 4 hours to 25 minutes, it is claimed.