TomTom Increases Stake in Indian Map Data JV

TomTom Increases Stake in Indian Map Data JV
TomTom today announced that it is increasing its stake in its Indian map data joint venture from 60% to 90%. The Joint venture with Indian industrial group Kalyani was created in 2008 and called Tele Atlas Kalyani India Pvt. Ltd. It 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", said Alain De Taeye, member of TomTom's management board . "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,”

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. However, besides TomTom and NAVTEQ there is a strong local map data provider called Mapmyindia which data coverage is larger than the two global incumbents. As a matter of fact, Mapmyindia recently signed with Harman and BMW to include their maps in luxury cars (read here).

Thursday, November 11th 2010

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