MUMBAI: Virgin Hyperloop One, the futuristic transport startup backed by British tycoon Richard Branson, has announced plans for a superfast rail network linking India’s financial capital Mumbai to the city of Pune.
The proposed hyperloop — which aims to deliver transport at near-supersonic speeds in sealed tubes — would reduce travel time between the Indian cities from 3 hours to around 25 minutes, the company said.
Branson said Sunday the company had signed a preliminary agreement with the Maharashtra state government to build the first phase of a hyperloop network that could eventually criss-cross India.
“I believe Virgin Hyperloop One could have the same impact upon India in the 21st century as trains did in the 20th century,” Branson said in a statement.
The proposed route would connect Mumbai’s secondary airport in Navi Mumbai with Pune city, located 150 kilometers away.
Branson, whose Virgin Group entered a partnership with California startup Hyperloop One in October, said a demonstration track would be built within two to three years of the final agreement.
The super-high-speed transport project would take a further five to seven years to complete before being ready to ferry 150 million passengers annually, the company said.
The technology, theorized by entrepreneur Elon Musk for rail transport at near-supersonic speeds, could transform Indian cities like Mumbai and Pune plagued by creaking infrastructure.
Experts say the proposed hyperloop system, though aspirational, could upon completion ease the load on overburdened road and rail networks in India.
Virgin Hyperloop One is working to develop a pod system that can travel at up to 750 miles per hour with better safety than passenger jets, and lower build and maintenance costs than high-speed trains.
Richard Branson announces Hyperloop plan for India
Richard Branson announces Hyperloop plan for India
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
