If everything goes as per schedule, then the people in Mumbai and Pune will be able to cover the distance between the two cities in just 20 minutes.

With the signing of an ‘intent agreement’ between the Virgin Group and the Maharashtra government, the HyperloopOne is set to become a reality.

Currently, travel time between the two major cities of Maharashtra takes a little over three hours.

“We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune, beginning with an operational demonstration track in the region,” Virgin Group chairman Richard Branson said on Sunday at the Magnetic Maharashtra Convergence 2018 Global Investors Summit.

“New Virgin HyperloopOne in India could connect 26 million people, support 150 million passenger trips per year and help create a thriving, competitive mega-region,” wrote Branson on Twitter.

Who’s Who from the world of business was in attendance at the event, which was inaugurated by Prime Minister Narendra Modi.

According to reports, the Hyperloop will travel up to 1,000 kilometres per hour.

“I’m incredibly excited about the potential to truly transform not just transportation, but wider society,” Branson said in statement.

According to Branson, the Pune-Mumbai route will result in Rs 3,50,000 crores worth of socio-economic benefits and operational cost savings besides savings in time and accident reduction over 30 years of operation.

Once constructed, the fully-electric Hyperloop will ease the burden on the road and railway network. Virgin estimates that it could also reduce greenhouse gas emissions up to 86,000 tons over 30 years.

Details regarding the cost of the project and time-line have not yet been announced. But according to Daily Mail, an operational demonstration track will be finished in two to three years which will serve as a testing platform for commercial operations.

“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.

Navi Mumbai, where PM Modi laid the foundation stone of an international airport before attending the Summit, will be a link in the Hyperloop project.