TomTom buys-out joint venture partner in India
Amsterdam, 18 October 2011 - 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.