United States-based research firm Hyperloop Transportation Technologies (HTT) has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to develop India’s first transportation system based on Hyperloop concept connecting the state’s new capital city Amaravati and Vijayawada.

The project will use a Public Private Partnership model with funding primarily from private investors. According to Andhra Pradesh Economic Development Board (APEDB) Chief Executive Krishna Kishore, the project will involve an investment of little over $200 million and would be completed in one year “once all the approvals and right of way were in place”.

If successful, the ultra-high-speed transportation system will turn a trip of more than an hour into a 5-minute ride between Amaravati and Vijayawada. Hyperloop is said to be two-to-three times faster than the fastest high-speed rail.

Starting October, HTT will conduct a six-month feasibility study and will analyse the surrounding cityscapes to create the best route between the two cities.

While this is HTT’s first Hyperloop project in India, but globally, it is not the only company involved in developing Elon Musk’s idea of this new means of transportation.

Primarily a group of part-time engineers across the United States, HTT had recently signed an agreement with the United Arab Emirates government for a 160-km track from Abu Dhabi to Al Ain. Company’s chairman and co-founder Bibop Gresta had recently met Ministry of Road Transport and Highways Nitin Gadkari for a proposal to build a track connecting Mumbai and Pune.

Also Read: Mumbai To Pune In 30 Minutes: Here’s How The Hyperloop Promises That