India's hot new markets

India's industrial tycoons, tech titans and millionaire entrepreneurs are exactly the type of consumers that Gray Design wants to add to its roster of clients.

The Santa Ana-Calif.-based firm designs and sells one-of-a kind luxury yachts and cars, mainly to American and European customers.

The 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, said Michael Raanan, principal with Gray Design.

Gray Design has been actively researching India as a new market for the past year, said Raanan, citing the country's growing high-income population.

But it's 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, the company's South Asia representative.

Still, Raanan is optimistic that the company will soon debut its services in India.

"We've made some headway with business people there," he said. "Ideally, we'd like to enter India right away."