The Mahindra Group, one of India`s leading business houses, has announced its initial entry into manufacturing of high end boats and yachts.

The company will be establishing a presence in the high-potential fiberglass power-boat and catamaran manufacturing industry.

``Mahindra`s entry into this segment marks the first ever foray of a major Indian industrial group into the leisure boating industry which has, till recently, been characterized by a small number of independent agencies offering imported versions from international manufacturers.
 
After years of taming the toughest terrains, we now explore a new frontier - water. Our products, branded Mahindra Odyssea, will at the initial stage consist of high quality, custom designed fibreglass power boats in the range of 20 ft. to 40 ft., with varying fit-out levels to suit customer requirements. In the next phase, our portfolio would potentially expand to include cabin cruisers and catamarans. All products will match international quality standards, carry the international CE certification and will be competitively priced. Backed by our exceptional service standards and a comprehensive support package, these products will offer a new adventure experience,`` said Zhooben Bhiwandiwala, executive vice president, Mahindra & Mahindra.

With its world-class products at competitive prices, Mahindra Odyssea intends to establish itself as an organized and credible player in a market which has witnessed significant demand in recent years, in spite of the downturn in the economy.

``Mahindra Odyssea marks the advent of a new journey for Mahindra which now has a presence in almost every segment of the transport ecosystem. Our country`s vast coastline and water bodies represent significant untapped potential for both water transport and marine based leisure activities. Through Mahindra Odyssea we would not only like to contribute to the organized growth of the Indian boating industry but also play a key role in developing India`s waterways,`` said  Anand Mahindra, vice chairman and managing director, Mahindra Group.

The Mahindra Odyssea product range incorporates key design features including a hybrid trihedral hull for stable rides and superior operating efficiency, quality fittings and attention to safety. These attributes are complemented by a spacious deck layout, resulting in a superior customer experience.

Shares of the company declined Rs 16.85, or 5.36%, to trade at Rs 297.60. The total volume of shares traded was 135,787 at the BSE (2.45 p.m., Tuesday).