TomTom has increased its stake in its Indian joint venture from 90 per cent to 100 per cent. TomTom has renamed the former joint venture Tele Atlas Kalyani India to TomTom India. Financial details of the deal was not disclosed.
TomTom is committed to drive its Indian business and reap the full potential of this growth market, said the company. India has a population of 1.2 billion, and there are some 22 million cars on the road. New car sales are forecast to grow to 4 million by 2015.
Jocelyn Vigreux (Managing director, TomTom India): India has a large untapped car navigation market. By owning TomTom India Ltd 100% we have full flexibility to execute our growth strategy.