BPCL Announces Strategic Joint Venture with Shell and Tiki Tar
Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 company and Maharatna PSU, has entered into a strategic partnership with Tiki Tar and Shell India Private Limited (TTSIPL) following the signing of a joint venture and share subscription agreement. The collaboration brings together BPCL, Shell Gas B.V., and Tiki Tar Industries (Baroda) Limited, with TTSIPL established in 2019 to develop value-added bitumen products for India's growing road construction and infrastructure sector.
Focus on Value-Added Bitumen for Infrastructure Projects
The joint venture will focus on producing, marketing, and selling value-added bitumen (VAB), including polymer modified bitumen (PMB), crumb rubber modified bitumen (CRMB), and bitumen emulsions. These products are increasingly preferred for national highway projects and airport runways due to enhanced durability, temperature stability, and longer lifecycle. The venture will also introduce solutions aimed at decarbonisation and waste circularity in India's paving industry.
Complementary Strengths of Partners
Shell will contribute advanced technology and global innovation capabilities for developing advanced VAB and circular solutions. Tiki Tar brings its manufacturing network of six plants and established logistics infrastructure. BPCL will leverage its extensive sales network to target major government contracts, PWD projects, and large-scale infrastructure initiatives. The tripartite partnership will be rebranded to reflect the new ownership structure.
Quotes from Key Leaders
Shri Sanjay Khanna, Chairman and Managing Director of BPCL, said: "India's infrastructure is evolving at an unprecedented pace... Through this joint venture, we are bringing together world-class technology, advanced blending capabilities and BPCL's extensive manufacturing and distribution network to strengthen the performance bitumen sector."
Shri Subhankar Sen, Director (Marketing) at BPCL, added: "By partnering with established industry leaders, Bharat Petroleum is taking a decisive step to expand our product portfolio and meet the stringent quality demands of mega-projects under the Bharatmala Pariyojana..."
Shri Raman Ojha, Chairman TTSIPL and President Shell Aviation, Shell, stated: "This joint venture represents the coming together of complementary strengths built over decades... With BPCL joining as a strategic partner, we are unlocking new possibilities to transform the bitumen landscape."
Shri Rajendra Shah from Tiki Tar emphasized: "For over six decades, Tiki Tar has been a premier provider of construction solutions in India... Across our six state-of-the-art plants... we provide the JV with immediate, scalable production capacity."
Mr. Manoj Menon, Business Head (Industrial & Commercial Solutions) at BPCL, said: "This partnership marks a significant step in strengthening BPCL's Industrial & Commercial Solutions portfolio with high-performance, value-added bitumen products."
About BPCL
BPCL is the second largest Indian oil marketing company and an integrated energy company with refineries at Mumbai, Kochi, and Bina, having a combined refining capacity of around 35.3 MMTPA. Its distribution network includes over 25,300 fuel stations, over 1,000 CNG stations, and 6,250+ LPG distributorships. BPCL aims to become a Net Zero Energy Company by 2040 in Scope 1 and Scope 2 emissions.
