According to Aashim Mongia, managing director of West Coast Marine Yacht Services, the sector has started picking up after a three-year slowdown and market sentiments have improved.
He said the Mumbai Port Trust and Maharashtra Maritime Board have shown interest in developing the Mandwa Port. "We are part of a consortium which will develop the infrastructure."
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It is also planning to foray into manufacturing of yachts. Currently, it imports yachts from West Asia to sell in India.
"To support these projects, we're planning to raise Rs 100-150 crore, for which we are talking to private equity funds," said Mongia.
Luxury products and services are estimated to be a $14-billion market in India and growing at 30 per cent year-on-year, according to a KPMG-Assocham report.
Mongia said the deal with Snapdeal, signed in March this year, would increase the visibility and bring traction.
The company targets to sell 10-15 boats in the next one year and hopes to sell at least two boats online. Yacht prices start at Rs 20 lakh going all the way up to Rs 1 crore.