BPCL Signs Deal for 40% Stake in Tiki Tar-Shell Joint Venture
Bharat Petroleum Corp. Ltd. (BPCL) has signed an agreement to acquire a 40% equity stake in Tiki Tar and Shell India Pvt. Ltd (TTSIPL), a joint venture between the Tiki Tar Group and Shell Gas B.V., for a cash consideration of Rs 85 crore, the company informed stock exchanges on Monday.
The acquisition is expected to be completed within 90 days. BPCL has also received approval from the Department of Investment and Public Asset Management (DIPAM) for the transaction.
Strategic Move to Capture Growing Value-Added Bitumen Market
BPCL stated that the strategic acquisition is aimed at capturing the rapidly growing market for value-added bitumen (VAB) in India's booming infrastructure sector. TTSIPL, incorporated on October 11, 2019, and registered under the Registrar of Companies, Mumbai, has an authorized share capital of Rs 37 crore and a paid-up capital of Rs 36.08 crore.
The joint venture is engaged in marketing, processing, importing, exporting, and sale of bitumen and bituminous products, with operations primarily in India and export markets including Nepal, Bhutan, and Bangladesh.
Diversified Product Portfolio for Infrastructure Projects
TTSIPL offers a diversified portfolio comprising VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), Emulsions, and Emulsion OB. These products cater to road construction, highways, and airport runway projects.
The company has witnessed robust business growth over the past few years. According to financial data disclosed by BPCL, TTSIPL reported a turnover of Rs 317.76 crore in FY24, which increased sharply to Rs 545.16 crore in FY25 before moderating to Rs 404.60 crore in FY26.
BPCL's Broader Strategy Beyond Fuel Retailing
The acquisition underscores BPCL's broader strategy of expanding beyond conventional fuel retailing into specialized petroleum products and infrastructure-linked businesses. As India's infrastructure pipeline continues to gather pace, BPCL expects the partnership to strengthen its position in the premium bitumen segment while leveraging TTSIPL's technical expertise and established market presence.
