Tele Atlas acquires equity position in Kalyani group

MUMBAI: Pune-based Kalyani Group on Monday said it has signed a definitive agreement with Tele Atlas to acquire substantial equity position in Kalyani Net Ventures.

The closing of the transaction is subject to the satisfaction of certain usual and customary closing conditions, Kalyani said in a statement.

Kalyani Net Ventures is a map provider serving consumer application, business-to-business and business-to-government market segments. Tele Atlas delivers digital maps and dynamic content that power some of the world's most essential navigation and location-based services.

"With this rich and exciting map offering, Tele Atlas will position itself as a major player in the emerging but highy promising Indian market for location based services and navigation products," Tele Atlas CEO Mark Steele said.

"By combining our experience and technology with Kalyani's regional expertise, we will be able to meet growing global customer requirements and local market demand for highly accurate digital maps of India," he added.

After closure of the transaction, the company will be renamed Tele Atlas Kalyani and would leverage Tele Atlas' production platform to develop India map and navigable data products with extensive coverage and content.

"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," Kalyani Group Director Amit Kalyani said.