AMSTERDAM — (BUSINESS WIRE) — October 17, 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.
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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.
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