You are here: Home » Companies » News
Business Standard

Navnit to up marine ops; to align with Swedish yacht firm

Gray Design yachts can cost upto $165 mn

Raghuvir Badrinath  |  Bangalore 

Navnit Group, the Rs 1,000 crore company best known as the major distributor of Rolls-Royce cars, is expanding its marine business by bringing in yachts from Gray Design, a Swedish firm which specialises in designing luxury yachts and cars.

Navnit Group has been in the marine business for over a decade and has sold over 100 yachts and boats of three global to HNI customers in India.

Jayendra Kachalia, Director of Navnit Marine, told Business Standard that they entered into a pact with Gray Design last month and hoped that the situation in India becomes more conducive for increased sale of yachts. According to Kachalia, Gray Design focuses heavily on designs and their yachts, which take 12 to 36 months to make, start at $900,000 and can cost $165 million for a 300-foot super-luxurious vessel.

Michael Raanan, principal with Gray Design in a statement added that they have been actively researching India as a new market for the past year citing the country’s growing high-income population.

“How best this can be achieved would rest on how well a yacht brand can understand the Indian market. But it has been a laborious process due to India’s strict regulations for foreign businesses and the lack of infrastructure. This includes lack of marinas to cater to the types of yachts that we provide as well as repair and maintenance facilities,” said Shiv Fernando, Principal for Gray Design in Asia.

“Setting up marinas can help generate additional revenue for port trusts, create jobs and save on costs for owners of luxury boats. It can also offer allied activities such as spare parts, accessories, house-keeping and fuelling, with options for recreational activities and restaurants thrown in, thus creating a whole new market and a whole new lifestyle domain for a great nation such as India,” he further added.

In spite of the strict regulatory and infrastructure drawbacks, the company is optimistic about paving the path on laying the foundation to integrate its operations with India’s business community and enter in to the market right away.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 02 2014. 20:24 IST