Announcement

Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 Maharatna PSU, announced on 29 June 2026 that it has entered into a joint venture (JV) and share‑subscription agreement with Shell India Private Limited (operating as Shell Gas B.V.) and Tiki Tar Industries (Baroda) Limited. The new entity, referred to as the BPCL‑Shell‑Tiki Tar partnership, will focus on the production, marketing and sale of value‑added bitumen (VAB) products, including polymer‑modified bitumen (PMB), crumb‑rubber‑modified bitumen (CRMB) and bitumen emulsions.

Joint Venture Structure and Scope

The JV leverages the complementary strengths of the three partners. Shell will contribute advanced technology, global innovation capabilities and expertise in developing next‑generation bitumen solutions, including circular‑economy and decarbonisation options. Tiki Tar brings a manufacturing network of six state‑of‑the‑art plants located at Taloja, Halol, Palwal, Mangalore, Vizag and Pithampur, providing immediate scalable production capacity. BPCL contributes its extensive pan‑India sales and distribution network, which comprises over 25,300 fuel stations, more than 1,000 CNG stations, 6,250 LPG distributorships, 440 lubricants distributorships, 81 POL storage locations, 56 LPG bottling plants, 81 aviation service stations, five lube‑blending plants and six cross‑country pipelines.

Strategic Rationale

The partnership is positioned to capture growth from India’s rapidly expanding road‑construction and infrastructure sector, driven by large‑scale government programmes such as the Bharatmala Pariyojana and the Prime Minister’s Gati Shakti National Master Plan. The VAB products are increasingly preferred for national highway projects and airport runways because of their enhanced durability, temperature stability and longer lifecycle. The JV also aims to introduce solutions that support decarbonisation and waste circularity in the paving industry.

Operational Capabilities

Through the six Tiki Tar plants, the JV can produce polymer‑modified, crumb‑rubber‑modified bitumen and emulsions at scale. The combined manufacturing footprint enables the venture to meet stringent quality demands of mega‑projects and to supply both greenfield and brownfield airport runway developments.

Market Reach

BPCL’s sales network will be used to target major government contracts, Public Works Department (PWD) projects and large‑scale infrastructure initiatives across the country. The JV expects to leverage BPCL’s market reach to become an active participant in nation‑building projects, ensuring high‑quality service standards and long‑term profitability.

Executive Statements

  • Shri Sanjay Khanna, CMD, BPCL: Emphasised that India’s infrastructure is evolving at an unprecedented pace and that the JV brings together world‑class technology, advanced blending capabilities and BPCL’s manufacturing and distribution network to strengthen the performance bitumen sector.
  • Shri Subhankar Sen, Director (Marketing), BPCL: Highlighted the role of durable VAB in setting global‑level standards and noted that the partnership will help meet the quality demands of mega‑projects under Bharatmala and Gati Shakti.
  • Shri Raman Ojha, Chairman TTSIPL & President Shell Aviation, Shell: Stated that the JV combines Shell’s global expertise with Tiki Tar’s pan‑India manufacturing to redefine industry benchmarks and support India’s shift to more durable, resource‑efficient road construction.
  • Shri Rajendra Shah, Tiki Tar: Pointed out the six‑plant manufacturing capacity and cost‑effective production that, together with BPCL’s market reach and Shell’s technology, uniquely positions the JV to lead the VAB market.
  • Mr. Manoj Menon, Business Head (Industrial & Commercial Solution), BPCL: Described the partnership as a significant step in strengthening BPCL’s industrial and commercial solutions portfolio with high‑performance VAB products.

BPCL Corporate Overview

BPCL is the second‑largest Indian oil‑marketing company and an integrated energy firm with refining capacity of approximately 35.3 million metric tonnes per annum (MMTPA) across refineries at Mumbai, Kochi and Bina. The company operates over 25,300 fuel stations, 6,800 electric‑vehicle charging points, and is pursuing a Net‑Zero Energy target for Scope 1 and Scope 2 emissions by 2040. BPCL is also active in community initiatives covering education, water conservation, skill development, health and capacity building.

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