Amsterdam based navigation service company TomTom has announced that it has increased its stake from 90% to 100% in its Indian Joint Venture with Kalyani India. The financial details of the transaction have not been disclosed. According to the company, the move will allow it to have full flexibility in executing its growth strategy, since it feels that India has large untapped car navigation market. It intends to develop new products such as point of interest maps for landmark navigation.
TomTom through its subsidiary Tele Atlas had first formed a JV with maps company Kalyani. TomTom had increased its stake in the JV from 60% to 90%, last year and had renamed the JV from Tele Atlas Kalyani India to TomTom India, to focus on the Indian market.
TomTom had recently announced the launch of its “Via Series” Navigation devices in India pricing them Rs 15,000 onwards and retailing the devices through retailers such as Reliance Digital, Reliance Autozone, Car Nation, and about 70 more independent car accessories stores nationwide, and through online stores such as Flipkart.
TomTom competes with navigation devices and services providers such as MapmyIndia and NAVTEQ in the Indian market.