According to ANI, the rescue operations are now underway.
In addition, the Coast guard vessels and Dornier aircraft has been deployed for the rescue operations. So far at least 4 children have reportedly lost their lives while 32 have been rescued out of 40 who were on board boat that capsized.
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The tragic incident took place 2 nautical miles from the sea-shore in Dahanu. 25 others have been rescued. Rescue operations are underway to locate the missing.
Coast guard PRO said ships which were at sea have been diverted to the site of mishap and ships are also sailing from Mumbai.
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Local TV channels, however, reported that four school children died.
Dahanu is a coastal town and a municipal council in Palghar district of Maharashtra state in Konkan division.
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