The Railway Ministry has approved an allocation of ₹8.34 crore to the Indian Institute of Technology Madras to indigenously develop and validate hyperloop transportation system and its subsystem. The allocation includes setting up of a centre of excellence for hyperloop technology at the institute.
This was stated in a letter addressed to the Director of the IIT by R.K. Jain, principal executive director (development), Railway Board. Mr. Jain said in his letter that a draft of the Memorandum of Understanding was being shared with the Institute.
