Talwalkars Better Value Fitness (TBVF) is one of the largest gymnasium chains in Asia (largest in India), with 177 centres across 86 cities. The company has 103 company operated Talwalkar branded gyms, along with 24 franchised Hi-Fi' branded formats (economy segment). The remaining centres are accounted for by franchisees (18), subsidiaries and associates (32). TBVL recently acquired a 49.5% stake in a Sri Lankan gym chain called Power World Gym. The company also has value added services (VAS) that integrate with its core gym concepts Personal training, Reduce (food supplements along with dietician services), Nuform (electrical muscle stimulation machines), Spa, Zorba, group activities (Zumba,Yoga) etc. VAS account for ~25% of sales currently. TBVL is also...