David Lloyd will help our brand: Talwalkars

A: Essentially what we have done is after the compliances of statutory regulation as you know David Lloyd is a British company, a foreign company and they will be coming into India into a venture which will have 50 percent from their side. This is for expanding our club concept on which we have been working for the last two years. The first club property has already been bought in Pune. It is right opposite the Hinjewadi Infotech Park in Pune.

The idea is to extend that concept and make seven to ten clubs spending over Rs 500 crore in hopefully about five years. We believe David Lloyd will be the ideal partner for something like this because they are the foremost club company in the world and have technology and brand name which will help establish our presence in a major way in India.

Reema: Have you established a subsidiary? How will this joint venture (JV) be housed?

 A: Presently it is a 100 percent subsidiary and David Lloyd subject to all the statutory compliance in India and their own country will then pick up a stake in that company. That company owns the property at Pune and we have filed for applications for building their club. So once they come into that company, post all the regulatory compliances, they will then become partner with us in that company and that company will be the instrument of expanding the club business.