The Hindu Business Line : NAPC ties up with Maverick Fitness

Real fit: (From left) Mr Shanker Basu, Chief Executive Officer, Maverick; Mr Varun Manian, Managing Director, NAPC Properties; and Mr R. Krishnaraj, Managing Director, Maverick Fitness, at a press conference in Chennai on Monday. —

Our Bureau

Chennai, Sept. 1 NAPC Ltd, a diversified company with a presence in infrastructure, real estate development and mining, has entered into an agreement with Maverick Fitness to fund the fitness company’s expansion plans.

Maverick Fitness has a chain of gymnasiums, which it plans to expand across south India, for which it has entered into a funding and revenue sharing agreement with NAPC Ltd.

Addressing a press conference, Mr Varun Manian, Director, NAPC, said the company is looking at a range of property developments in Chennai. Maverick would set up the gyms at NAPC’s residential projects. The partners would also look at expanding the fitness chain overseas in West Asia and the South East where NAPC has a presence.

Another area of fit is one of NAPC’s group companies, Global Adjustments, specialises in identifying locations for various ventures. This would help Maverick identify the places where its gyms could be set up.

Mr R. Krishnaraj, Managing Director, Maverick, said that the agreement provides for NAPC to fund its future expansions, which envisage adding 25 centres in three years. Maverick now has three gymnasiums in Chennai and one in Bangalore. The partners are to bring in an equal share of funds with a revenue sharing of 60 per cent to Maverick and 40 per cent to NAPC, which is to bring in Rs 25 crore a year for three years.

Over the next one year, Maverick plans to set up its gyms in Coimbatore, Madurai, Tirupur, Salem, Tiruchi and three more in Chennai. Typically, Maverick needs about Rs 2-2.5 crore for each centre of 5,000-6,000 sq.ft with enough equipment for a peak capacity to service 50-60 clients an hour. This would mean each facility will have 25-30 cardio-exercise equipment and 18-22 weight training and other machines.