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The luxury boat business has been on an upswing for the last four years, having grown at 25-30% annually. The current slowdown is only a blip in the industry that rides on the back of the rich and the famous
Aashim Mongia was happily riding the waves as a commissioned officer in the Indian Navy until 1994, when a blood disorder pulled him out of the high seas. The Navy decided to put him on a ground job that required pushing papers all through the day.
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For Mongia, an Arjuna awardee, who had participated in several world championships in sailing, including the Asian Games in the past, it was quite a mundane offer. Despite having the options of joining an MNC in Dubai or a boat building business in Canada, he decided to partner with a friend who owned a boatyard in Mumbai. The business was in the red and Mongia had the responsibility of turning it around. From maintenance contracts to selling luxury boats, West Coast Marine has come a long way since. It now offers end-to-end solutions that include yacht management services, and establishment of water sports centers and marinas.
Mongia is among the new breed of entrepreneurs who have ventured into the business of luxury boats and yachts, sensing the opportunity arising out of the boom that propelled the Indian economy over the last five years. It is no secret that business tycoons such as Vijay Mallya and Gautam Singhania have owned yachts for some time now. Several influential business groups such as the Bajaj Group and Mahindra & Mahindra are also proud owners of such boats. The latest to join the club is Anil Ambani, who is believed to have gifted a super luxury yacht worth Rs 400 crore to his wife Tina. “The world over, luxury yachts are sought after for their ability to offer fun and exclusive mobile lifestyle. In India too, users are attracted to these yachts for similar reasons,” says Pooja Choudary, MD, Infinity Yachts, a distributor of two Brunswick brands, Maxum and Sealine, and an Italian brand Aicon. Maxum features in the entry-level sports boat and sports cruiser category, while Sealine is in the sports cruiser and flybridge category. Aicon is in the luxury motor yacht and cruiser category.
| DARE/major players |
| - West Coast Marine |
| - Marine Solutions |
| - Ocean Crest Marine |
| - Ocean Blue Boating |
| - Infinity Yachts |
| - Sorenstam Ventures |
What is a Luxury Boat?
A luxury boat is a fancy boat meant for recreational purposes. High-end luxury boats are equipped with state-of-the-art facilities that include a master bedroom, guest suites, gymnasium, Jacuzzi, entertainment center, and walk-in corridors leading to the deck. The cost of a luxury yacht could vary from Rs 7 crore to Rs 800 crore. Customers of such boats are rich business tycoons and corporate organizations. Smaller boats that ply as houseboats in India cost around Rs 15 lakh. They are popular among tourists.
Various types of luxury boats are sold across the world. Some of them are motor yachts, sail yachts and power boats.
| DARE/opportunity areas |
| - Buying and selling of new and old yachts & boats |
| - Manufacturing |
| - Consultancy |
| - Technical maintenance |
| - Training and placement of crew and staff |
| - Charter services |
| - Development of marinas |
| - Fractional ownership |
The Business
The luxury boats segment offers a host of business opportunities for entrepreneurs. They range from importing and selling boats to maintaining them at a price. Other opportunities include manufacturing, training and placement of crew and staff, and charter services. Most players in the business today offer end-to-end solutions to their customers. Take, for instance, Marine Solutions, a Mumbai-based company started by Gautama Dutta. Right from helping customers zero in on the product, Marine Solutions offers a range of services that include handling the import, commissioning the boats, warranty service and various options in maintenance backup and boat management. The company has sales and service offices in Mumbai, Goa and Calcutta, and an engine workshop and a boat yard in Mumbai.
The sailing season in the country lasts for about seven months (October to April). It is the time when most people prefer to buy boats. The enthusiasm for leisure boating is also on the rise. This has led to several owners upgrading their fleet in the last two years. Luxury yachts have become a mark of corporate culture too. Many companies prefer to organize their official parties and meetings on luxury yachts and this points to a big business potential waiting to be tapped. No special licenses are required to get into the luxury boat business.
| DARE/quick points |
| - The luxury boat market in India is pegged at around Rs 500 crore |
| - Higher purchasing power of businessmen and corporate organizations, and greater inflow of tourists is driving the luxury boat business |
| - The cost of a luxury yacht could vary from Rs 7 crore to Rs 800 crore while that of a tourist boat could be Rs 15 lakh and above |
| - The brokerage on each yacht may range from 5% to 18% depending upon the size. The smaller the yacht, the larger the percentage and vice versa |
| - Many buyers upgrade to high-end boats, leaving the old boats to be sold at 20-40% less price than the new ones. There is a big opportunity in brokering the sale of old boats |
| - The import duty on a new yacht has come down to 35% now from 150% in 1994 |
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