Imagine cruising to work in your boat from Alibaug in 40 minutes. Yes Bank has joined hands with West Coast Marine (WCM), to offer yacht financing.
Imagine staying in Alibaug and cruising to work in your boat in 40 minutes instead of getting caught in rush-hour traffic.
This lifestyle may not be restricted to a Vijay Mallya or Gautam Singhania, but could well afforded by thousands of the city’s nouveau riche thanks initiatives like yacht financing and aggressive marketing by leading boat manufacturers.
Aiming to get the rich to purchase big yachts and the aspirational upper class to buy their ‘first’ boats, private sector player Yes Bank has joined hands with marine activity leader, West Coast Marine (WCM), to offer yacht financing. The loan amount, tenure and interest rate will be tailored to individual requirement, while WCM will guide the customer on the size, category and other formalities.
“It is a viable product which has huge potential. There is a huge market for private boats and ferry services,” said Sunil Gulati, group president, Yes Bank. “The prices will come down further if existing import duty of 36 per cent is brought down,” he said.
World-class yachtsman Aashim Mongia, who runs WCM along with two wholly owned subsidiaries, Sea Waif and Colaba Workshop 2001, said the fast-growing yachting and leisure market will blossom like the car industry if the government taps it fast. Growing traffic in the city also makes sense to sail, added Mongia who often finds his speedboat ride from Mandwa to Mumbai eco-friendly and less time consuming.
Bullish on the Indian market is Gulf Craft, a big player in the city with 70 per cent of their motor yachts being sold in Mumbai.
Partnering with Mongia for dealing in the yacht segment, Erwin Bamps, chief executive, Gulf Craft is upbeat. “Every three weeks, we sell a yacht to a super rich Indian , very few of whom remain in Mumbai, as there is no infrastructure here. Marinas will also ensure that the pollution levels are controlled,” added Bamps.
With the Indian government expressing the need for 500 fibre-glass boats to patrol the coastline and the growing need of sea transport as the SEZ develops, the market is on an upswing, said Sunil Saraiya, MD of Aries Technical Sales, which markets commercial boats of Gulf Craft.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}