Talwalkars to acquire 50% stake in Chennai-based yoga chain
New Delhi, Jan 14: Fitness chain Talwalkars Better Value Fitness Ltd on Thursday, Jan 14 announced the acquisition of 50 per cent stake in Chennai-based yoga studios chain Zorba for an undisclosed sum.
"Talwalkars Better Value Fitness Ltd (TBVF) has entered into a Memorandum of Understanding (MoU) with Zorba - A Renaissance Studio, a chain of yoga studios having operations in Chennai.As per the terms of the MoU, TBVF shall acquire 50 per cent stake in Zorba's rapidly growing Yoga Studios business," the company said in a BSE filing.
It further said, "The investment into Zorba will enable TBVF to further strengthen its wellness and fitness offerings initially in the Chennai market and also enable the company to expand its yoga training activities across multiple locations in India thereby benefiting TBVF's existing members."
In November, Talwalkars acquired majority stake in another Chennai-based fitness firm Inshape Health and Fitnez Pvt Ltd (IHPL) in an all-cash deal for an undisclosed sum. IHPL operates three gyms in Chennai. The company shares were trading at Rs 244.90, up 0.25 per cent from previous close on BSE.