Talwalkars Better Value Fitness incorporated as “Talwalkars Better Value Fitness Private Limited”, a private limited company under the provisions of the Indian Companies Act, 1956, vide Certificate of Incorporation dated April 24, 2003 at Mumbai, Maharashtra. Pursuant to a Board resolution dated September 10, 2009 and a special resolution of the shareholders of the company at the EGM held on October 1, 2009, the company became a public limited company and the company's name was changed to “Talwalkars Better Value Fitness Limited”. The fresh Certificate of Incorporation to reflect the new name was issued by the RoC on November 7, 2009.

The company traces the history of its brand “Talwalkars” when the first gym was setup in the year 1932 by late Vishnu Talwalkar in Mumbai. Madhukar Talwalkar, eldest son of late Vishnu Talwalkar, carried on with the legacy and started his first gym in Bandra, Mumbai in the year 1962 by the name “Talwalkars Gymnasium”. Madhukar Talwalkarhad been instrumental in creating the brand “Talwalkars” over the past several decades. The company, Talwalkars Better Value Fitness Limited, was co-promoted in the year 2003 by the Talwalkar Group and the Gawande Group with the object of developing “Talwalkars” brand as a leader in health clubs.

The company is one of the largest fitness chains in India offering a diverse suite of services including gyms, spas, aerobics and health counseling under the brand “Talwalkars”. “Talwalkars” has pioneered the concept of gyms in India and today it is a recognized name in the health and fitness industry. The company has grown rapidly since its inception and, as on the date operates 51 health clubs in 24 cities belonging to 11 states of the country serving over 55,000 members.

Milestones:

2003 – 2004

• Shareholder’s Agreement dated July 01, 2003, between Talwalkar Group and Gawande Group
• Acquisition of the business as a going concern of partnership firm Talwalkars Health Unlimited
• Agreement dated September 05, 2003 for purchase of business of Talwalkar Omnifitness Private Limited situated at Ulsoor, Bangalore.

2005 - 2006

• Franchisee Agreement dated June 15, 2005 executed between the company and Pinnacle Fitness Private Limited for two gymnasiums located at NCR.
• Franchisee Agreement dated August 05, 2005 executed between the company and Kandarkar and Shinde Associates for gymnasium located at Navi Mumbai.
• Franchisee Agreement dated August 24, 2005 executed between the company and Equinox Wellness Private Limited for gymnasium located at Kolkatta.
• Share and CPS (Convertible Preference Shares) subscription agreement dated January 09, 2006 executed between our company and Shivanand Shankar Mankekar, Kedar Shivanad Mankekar and Laxmi Shivanand Mankekar and promoters.

2006 – 2007

• Joint Venture Agreement dated August 06, 2006 executed with Palestra Enterprises Private Limited for running a joint venture in the name of “Denovo Enterprises Private Limited”.
• Franchisee Agreement dated August 10, 2006 executed between our company and Denovo Enterprises Private Limited for gymnasiums located at Jaipur and Indore.
• Joint Venture Agreement dated October 05, 2006 executed with Pantaloon Retail (India) Limited for running a joint venture in the name of “Talwalkars Pantaloon Fitness Private Limited”.

2007 – 2008

• Agreement dated October 03, 2007 executed by the company with Procam International Limited whereby the company shall be the trainer of Standard Chartered Mumbai Marathon for the calendar years 2008, 2009 and 2010.

2008 – 2009

• The company commences a dormitory and training academy at Thane Agreement dated June 24, 2008 for purchase of business of Talwalkars Health Commune situated at Chembur, Mumbai.
• Agreement dated July 15, 2008 for purchase of business of Club Business Systems situated at Nungumbakkam, Chennai.
• Franchisee Agreement dated September 17, 2008 executed between the company and Jyotsna Shinde & Associates for gymnasium located at Byramji Town, Nagpur.
• Letter of Intent issued by Bennett, Coleman & Co. Limited appointing the company as the Official Fitness Trainer for Femina Miss India.

2009 - 2010

• MoU dated November 05, 2009 signed between the company and Life Fitness India Private Limited for setting up additional gyms.

Products and service offering:

1. Fitness Training:

• Personal exercise program
• Body sculpting
• Body shaping

2. Nutrition Centre:

• Weight loss program
• Weight maintenance program
• Weight gain program

3. Value Add-ons:

• Spa /Massage
• Aerobics
• Spinning
• Steam/Sauna bath

Subsidiary:

• Aspire Fitness Private Limited

The company and Life Fitness India Private Limited entered into a Memorandum of Understanding (MoU) dated November 05, 2009 for forming a joint venture company in which Talwalkars will hold 50% plus one share of its equity shareholding. Pursuant to this MoU, Aspire Fitness Private Limited (“Aspire), a private limited company was incorporated.

Joint Venture and Associate Companies:

• Talwalkars Pantaloon Fitness Private Limited (TPFPL)

TPFPL incorporated on December 19, 2006 as a private limited company and registered with the Registrar of Companies, Mumbai under the name “Talwalkars Pantaloon Fitness Private Limited”. It is engaged, in the business to organize, build, establish, run, conduct, develop, manage, promote, and maintain gymnasium, health centers, nutrition centers, health club and physiotherapy centers.

• Denovo Enterprises Private Limited (DEPL)

DEPL incorporated on February 8, 2005 as a private limited company and registered with the Registrar of Companies, Maharashtra, Mumbai under the name “Denovo Enterprises Private Limited”. DEPL is engaged in the business to carry on in India and abroad the business of setting, running, building hotels, fitness club, health center, gymnasium, sports club, recreation club, swimming pools, massage house and paddling pools, libraries, hair, beauty saloons.

• Equinox Wellness Private Limited (EWPL)

EWPL incorporated on June 8, 2004 as a private limited company and registered with the Registrar of Companies, West Bengal under the name “Equinox Wellness Private Limited”. EWPL is engaged in the business to own, run, and manage gymnasium and fitness centers.

Group Companies:

1. Life Fitness India Private Limited (LFIPL);2. Pinnacle Fitness Private Limited (PFPL);3. Talwalkars Omnifitness Private Limited (TOFPL);4. R2 Infrastructure Private Limited (RIPL);5. Better Value Leasing & Finance Limited (BVLFL);6. Gawande Consultants Private Limited (GCPL);7. Anfin Investments Private Limited (AIPL);8. Better Value Restaurants Private Limited (BVRPL);9. Better Value Properties Private Limited (BVPPL);10. Vrindavan Restaurant Private Limited (VRPL);11. Brainworks Learning Systems Private Limited (BLSPL);12. Radhika Hotels Private Limited (RHPL);13. Vakratund Land Developers Private Limited (VLDPL);14. Better Value Brands Private Limited (BVBPL)15. Popular Institute of Art Private Limited (PIAPL);16. Popular Prakashan Private Limited (PPPL)17. Indian Cookery.Com Private Limited (ICPL) and18. Popular Educational Enterprise Private Limited (PEEPL)

Partnership Firms:

1. Talwalkars;2. Talwalkars Fitness Club;3. Talwalkars Health Complex;4. Fitness India Investments;5. Club Business Systems;6. Talwalkars Health & Leisure;7. Talwalkars Health Commune;8. Vrindavan;9. Bhatkal Book International;10. Popular Book Depot Printing Division;11. Bhatkal & Sen;12. Talwalkars Fitness Products