India's top tractor and utility vehicle maker, Mahindra & Mahindra Ltd, one of the top 10 leading business houses in India, has announced to enter into boat manufacturing business, developing high potential fiberglass power-boat and catamaran manufacturing utilities.

The $6.7 billion Mahindra Group is the first industrial house in the country to enter into leisure boating industry, a segment largely dependent on imported versions from international manufacturers till day.

Mahindra & Mahindra would complete the plans through Mahindra Ocean Blue, a joint venture with a Mumbai-based firm Ocean Blue.

Zhooben Bhiwandiwala, executive vice president, Mahindra & Mahindra, said, "After years of taming the toughest terrains we will now explore a new frontier - water. Our new product Mahindra Odyssea will be high quality custom designed fibre glass boat in the range of 20-40 feet."

Anand Mahindra, vice chairman and managing director, Mahindra Group said that the company, having presence in light vehicle segment to commercial vehicle segment, would pay a crucial role in boat manufacturing in India, importing engines from U. S.-based Evinrude.