PwC bags consultancy contract for Pune-Mumbai Hyperloop project

Pune (Urban Transport News): Globally renowned audit firm PricewaterhouseCoopers Private Limited (PwC) has won a contract for the provision of financial consultancy and transaction advisory services for India's first Hyperloop Project. The letter of acceptance (LoA) has been issued to PwC from Pune Metropolitan Regional Development Authority (PMRDA). In June 2018, Pune Metropolitan Region Development Authority (PMRDA) has floated first tender for Pune-Mumbai Hyperloop project.

The scope of work included the selection of the financial consultant and transaction adviser for the Pune-Mumbai Hyperloop project in Maharashtra. After the opening of the financial bid, PricewaterhouseCoopers Private Limited (PwC) has emerged as the lowest bidder (L1) among other participants. The PwC will be responsible for checking the economic, legal and project viability, and assist the Pune Metropolitan Region Development Authority (PMRDA) in implementing the project.

The Pune-Mumbai Hyperloop Project will be executed by a consortium of Virgin Hyperloop One and DP World under the project implementing body PMRDA. The Maharashtra Government has declared Pune-Mumbai Hyperloop project a public infrastructure project by the state government. As the Pune-Mumbai Hyperloop project is a public infrastructure project, the Central Government will have to decide under which Act this project will fall and will also decide whether or not amendments can be made to the new Metro Rail Policy Act 2017.

The safety features the project will be examined by think tank NITI Aayog as the Hyperloop system is untested technology. The Virgin Hyperloop One is going to introduce this technology for the first time in the world. The Maharashtra cabinet had last month approved the project and appointed the consortium of DP World and Virgin Hyperloop One as its original project proponent. The Pune-Mumbai Hyperloop project will help people reduce their 150-km journey between Mumbai and Pune to just 30 minutes. The project involves a direct foreign investment equivalent to Rs 70,000 crores.

The bid for design and construction of the 11.4 km long demonstration track for Hyperloop between Gahunje and Ozarde will be floated soon. Hyperloop will be the most sustainable form of mass transportation the world has ever seen – as fast as a plane and 10x more energy efficient. This is a solution that meets the scale of the problem that millions of young people have been striking for around the world.