Dutch navigation equipment maker TomTom NV said Tuesday it has taken full ownership of its fast-growing Indian operations, raising its stake in the joint venture from 90% previously.
TomTom has renamed the business TomTom India Ltd.
India has a population of 1.2 billion and 22 million cars on the road, the Amsterdam-based company said. In addition, due to the country’s strong economic growth, TomTom expects demand for high-quality TomTom software and maps to increase significantly over the coming years, it said.
“India has a large untapped car navigation market. By owning TomTom India Ltd 100% we have full flexibility to execute our growth strategy.” said Jocelyn Vigreux, the managing director of TomTom India.
No financial details of the transaction were disclosed.
[Info from Wall Street Journal]