Tele Atlas, a leading global provider of digital maps, navigation and location-based services (LBS), has signed a definitive agreement with the Kalyani Group to acquire substantial equity stake in the Pune-based Kalyani Net Ventures (KNVL).The size of the transaction has not been disclosed. After closure of the deal, the company will be renamed Tele Atlas Kalyani India, said a press release.Tele Atlas is listed on the Frankfurt Stock Exchange and on Euronext Amsterdam (TA) and offers digital map coverage of more than 200 countries and territories worldwide."The joint venture will allow us to leverage Tele Atlas' industry-leading technology and help enable us to deliver the highest quality digital map solutions of India to a range of established and emerging growing markets," said Amit Kalyani, director of the $2.1 billion Kalyani Group."With this rich and exciting map offering, Tele Atlas will position itself as a major player in the Indian market for location based services (LBS) and navigation products," said Mark Steele, Chief Operating Officer, Tele Atlas Asia Pacific.The move will help Tele Atlas gain access to an extensive map of India and to the growing business in map data licensing, GIS and customized mapping projects in India.Kalyani Net Ventures is a leading map provider in India serving the consumer application, business-to-business and business-to-government market segments, said the release.
