NEW DELHI: UK-based premium health club chain Fitness First today said it will invest up to Rs 160 crore over five years to open 30 health clubs in India.
The company, which has six clubs in the country, is looking at Delhi, Mumbai and Bangalore to open the new ones.
"As a strategy, we have decided to concentrate on three cities we are present in and dominate those markets. We will invest about Rs 150 to Rs 160 crore in setting up 30 health clubs in five years," Fitness First CEOStefan Tilk told PTI.
The company said it will continue to focus on three cities for the next three years. It will look at expanding the footprint to other parts of the country later.
The company has over 11,000 members and had posted turnover of Rs 62 crore last year.
It will open five clubs by the end of October 2014, with an investment of Rs 40 crore.
The company, which has invested over Rs 100 crore in last five years since it entered into the country, said India is an important but small market for Fitness First globally.
On the slow pace of the company's expansion in India, Tilk said: "India is a very important market for us. But, things slipped slightly due to change in ownership of Fitness First. Going forward, we would be more consistent."
It is a private equity held company. First Fitness India is a fully owned subsidiary of the UK parent. All Fitness First health clubs are company-owned and operated.