TomTom, the world’s leading provider of location and navigation solutions, today announces that it is increasing its stake in its Indian joint venture from 60% to 90%. This step underlines TomTom’s commitment to strengthening its presence in India. The company will be renamed TomTom India Ltd.
“This decision is important for TomTom to further grow our presence in an increasingly significant emerging market for us. At TomTom we are committed to rolling out our products and services into new markets. India in particular, with its largely untapped car navigation market, represents a growing opportunity for us and this increased investment in our majority owned subsidiary together with our high quality Indian map database and our state of the art navigation technology will give us a greater ability to deliver on this,” says Alain De Taeye, Member of the Management Board TomTom.
India has a population of 1.2 billion but only has 22 million cars on the road. New car sales are forecast to grow from 2.5 million in 2010 to 4 million annually by 2015. In addition due to the strong economic growth we expect the demand for high-quality TomTom solutions and maps to significantly increase over the coming years.
No financial details will be disclosed.
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About TomTom N.V.
TomTom N.V. (AEX: TOM2) is the world’s leading provider of location and navigation solutions. Headquartered in The Netherlands, it employs over 3,000 employees worldwide. Over 45 million people daily use its solutions, be it in the form of dedicated portable navigation devices (PNDs), in-dash car systems or tracking and tracing solutions for fleet management. In addition, hundreds of millions of people use TomTom’s digital maps on the internet or mobile phone.