Talwalkars Better Value Fitness and David Lloyd have announced their intention to create a joint venture (JV) establishing and managing leisure clubs in India. The above is subject to formal documentation between the parties and necessary statutory approvals.
Under the agreement, Talwalkars and David Lloyd Leisure envisage developing seven to ten clubs across a number of cities in India over the next five to seven years. The agreement would involve a total investment in excess of Rs 500 crore in a strategy aimed at tapping into the country’s growing demand for sports and leisure facilities.
A site for the first club in India has already been acquired in Pune, in the state of Maharashtra, with plans for construction already drawn up. The construction is expected to begin shortly and it is anticipated that the club will open to members, by invitation, by the middle of next year. The project will involve a total investment of approximately Rs 75 crore.
David Lloyd Leisure, which first established operations in 1982, and has its headquarters in the UK, is Europe’s leading premium health, sports and leisure group.
