07/12/2016 2:34 PM IST | Updated 07/12/2016 5:20 PM IST

Hyperloop Transportation Technologies Waiting For The Government's Nod For Trial Runs

The company has sent a letter of intent to Transport Minister Nitin Gadkari.

Hyperloop Transportation Technologies

Hyperloop Transportation Technologies (HTT) has written a letter of intent to transport minister Nitin Gadkari to build trial tracks in India using its technology, as per a report from FactorDaily.

Hyperloop is a technology envisioned by Elon Musk which uses tubes for fast transport. The average speed of the capsules traveling inside the tube is 970 km per hour with a top speed of 1200 km per hour. Two companies -- Hyperloop One and Hyperloop Transportation Technologies (HTT) -- are in a race to build the solution in different ways. The latter is not affiliated with Musk in anyway.

"The proposal is on Mr Gadkari's table. We are ready. The world is watching you guys (India). This can be the greatest opportunity or the biggest disaster. Only history will tell," Bibop Gresta COO of the company told FactorDaily.

"Yes, why not. We are in talks with the Indian government, investors and other regulators. I think there is a great opportunity here. I met Prime Minister Narendra Modi when he visited Silicon Valley and the response was very positive," Gresta earlier told HuffPost India in an interview.

According to a report in the Economic Times, there are already 25 Indian people working in the team of 800 people. HTT is also collaborating with two Indian companies.

"We are a bunch of people collaborating. Rather than salaries we give stock options. And our investors are not just people who provide money. They can provide tools also. Software, hardware, test tracks, spaces anything," Gresta had told HuffPost India.

While he is optimistic about the opportunities in India, he believes that there is a lot of changes to be made in the Indian infrastructure to make it more suitable for the advanced transportation technologies.

"India is a very interesting country. It has a great railway network already. Hyperloop implementation would need a bit of modification but it is doable. And the technology is a perfect fit for the country as well. With a high population count, it makes more sense," he had said.

In September, Gadkari had shown a keen interest in technologies such as Hyperloop and Telsa after his visit to the US.