Overview
Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 Maharatna PSU, announced a strategic partnership with Shell India Private Limited (operating as TTSIPL) and Tiki Tar Industries (Baroda) Limited. The three parties have executed a joint venture and share subscription agreement to create a new entity focused on value‑added bitumen (VAB) production, marketing and sales.
Joint Venture Structure and Objectives
The joint venture, which will be rebranded to reflect the new ownership, builds on the existing collaboration between Shell Gas B.V. and Tiki Tar. Established in 2019, TTSIPL already develops VAB products for India’s road construction and infrastructure sector. The new partnership aims to scale the business by combining Shell’s advanced technology and global innovation capabilities, Tiki Tar’s six‑plant manufacturing network, and BPCL’s extensive sales and distribution footprint. In addition to commercial expansion, the venture will introduce decarbonisation and waste‑circularity solutions for the Indian paving industry.
Product Portfolio
The JV will produce polymer‑modified bitumen (PMB), crumb‑rubber‑modified bitumen (CRMB) and bitumen emulsions. These specialised products are increasingly specified for national highway projects and airport runways because of their superior durability, temperature stability and longer lifecycle.
Operational Capabilities
Tiki Tar contributes a pan‑India manufacturing base comprising six state‑of‑the‑art plants located at Taloja, Halol, Palwal, Mangalore, Vizag and Pithampur, providing immediate, scalable production capacity. Shell supplies advanced blending technology and research expertise to develop next‑generation VAB formulations and circular solutions. BPCL will leverage its nationwide sales network, which includes over 25,300 fuel stations, more than 1,000 CNG stations, 6,250 LPG distributorships, 440 lubricants distributors, 81 POL storage locations, 56 LPG bottling plants, 81 aviation service stations, five lube‑blending plants and six cross‑country pipelines, to target major government contracts, Public Works Department (PWD) projects and large‑scale infrastructure initiatives such as the Bharatmala Pariyojana and the PM Gati Shakti National Master Plan.
Strategic Rationale and Quotes
Shri Sanjay Khanna, Chairman and Managing Director of BPCL, stated that India’s rapidly evolving infrastructure creates a foundation for a resilient future and that the joint venture will bring world‑class technology, advanced blending capabilities and BPCL’s manufacturing and distribution network together to strengthen the performance bitumen sector. Shri Subhankar Sen, Director (Marketing) of BPCL, highlighted the unprecedented development of roads, airports and infrastructure, emphasizing that VAB is essential for meeting the stringent quality demands of mega‑projects under Bharatmala Pariyojana and the Gati Shakti plan. Shri Raman Ojha, Chairman of TTSIPL and President Shell Aviation, noted that the partnership combines Shell’s global expertise with Tiki Tar’s manufacturing footprint, unlocking new possibilities to transform the bitumen landscape. Shri Rajendra Shah of Tiki Tar underscored the company’s six‑decade legacy and its robust on‑ground manufacturing footprint, while Mr. Manoj Menon, Business Head (Industrial & Commercial Solutions) at BPCL, said the collaboration strengthens BPCL’s industrial and commercial solutions portfolio with high‑performance VAB products.
BPCL Corporate Profile
BPCL operates three refineries at Mumbai, Kochi and Bina with a combined refining capacity of approximately 35.3 million metric tonnes per annum (MMTPA). Its downstream network includes over 25,300 fuel stations, 1,000+ CNG stations, 6,250+ LPG distributorships, 440 lubricants distributors, 81 POL storage sites, 56 LPG bottling plants, 81 aviation service stations, five lube‑blending plants and six cross‑country pipelines. The company is advancing sustainability initiatives, operating electric‑vehicle charging stations at more than 6,800 fuel stations and targeting net‑zero Scope 1 and Scope 2 emissions by 2040.
Outlook
The joint venture is positioned to capture a growing share of the VAB market driven by large‑scale government infrastructure programmes, the shift towards more durable and resource‑efficient road construction, and the emerging focus on decarbonisation and circular economy solutions in the paving sector.