"Nearly 55 people were on-board the boat which was heading towards Panju island in Vasai from Naigaon Jetty. As soon as the boat started its journey, it capsized," district Disaster Control Officer Nitin Naik said.
Rescue teams were rushed to the spot soon after receiving an alert, he said.
While Ramchandra Mhatre (50) was drowned, most of the people on-board managed to jump out and swam to safety, said Narsingh Bhosale, Deputy Superintendent of Police, Vasai.
Eleven persons who were trapped have been rescued and admitted to Cardinal Gracis Hospital in Vasai, he said, adding, it was ensured that no one was left on the boat.