TomTom today announces it has increased its stake in its Indian joint venture from 90% to 100%. TomTom is committed to drive its Indian business and reap the full potential of this growth market. TomTom has renamed the former joint venture to TomTom India Ltd.
"India has a large untapped car navigation market. By owning TomTom India Ltd 100% we have full flexibility to execute our growth strategy." says Jocelyn Vigreux, Managing Director TomTom India. "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, like points of interest for landmark navigation".
India has a population of 1.2 billion and 22 million cars on the road. New car sales are forecast to grow to 4 million by 2015. In addition, due to the strong economic growth we expect the demand for high-quality TomTom solutions and maps to increase significantly over the coming years.
No financial details will be disclosed.
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About TomTom N.V.
Founded in 1991, TomTom (AEX:TOM2) is the world´s leading supplier of in-car location and navigation products and services focused on providing all drivers with the world´s best navigation experience. Headquartered in Amsterdam, TomTom has over 3,500 employees and sells its products more than 40 countries.
Our products include portable navigation devices, in-dash infotainment systems, fleet management solutions, maps and real-time services, including the award winning TomTom HD Traffic.
For the world´s most up-to-date route planner, including live traffic information please visit www.tomtom.com/livetraffic
For further information, please visit www.tomtom.com
