Dutch navigation service provider TomTom today announced that it has bought its Indian joint venture completely (earlier the company had a 90 percent stake). The financial details were not disclosed.
The joint venture was first formed in 2008 with the Indian industrial group Kalyani, and was initially called Tele Atlas Kalyani India Pvt. Ltd. which was later renamed to TomTom India Ltd. when Kalyani group withdrew from the JV and TomTom increased its stake in the venture from 60 percent to 90 percent late last year.
"By owning TomTom India Ltd 100 percent we have full flexibility to execute our growth strategy. Our recent product introduction of the VIA series of our PND range is a great first step and we look forward to continue to develop bespoke products for the Indian market" said Jocelyn Vigreux, Managing Director TomTom India.
Founded in 1991, TomTom is a supplier of in-car location and navigation products and services. The company is headquartered in Amsterdam and its products include portable navigation devices, in-dash infotainment systems, fleet management solutions, maps and real-time services.
According to the company, India already has 22 million cars on the road while new car sales are forecast to grow to 4 million by 2015. In addition, due to the strong economic growth, the demand for high-quality navigation solutions and maps in the country will only increase with time.
Hence late last month, the company entered the Indian market by introducing the VIA series of their personal navigation devices in the country. TomTom's competitors in the Indian market include navigation service providers like MapMyIndia.