Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 company and a Maharatna PSU, today announced a strategic partnership with Tiki Tar and Shell India Private Limited (TTSIPL), following the signing of a joint venture and share subscription agreement. Under this partnership, BPCL will collaborate with existing partners, Shell Gas B.V. and Tiki Tar Industries (Baroda) Limited. Established in 2019, TTSIPL develops value-added bitumen products for India’s growing road construction and infrastructure sector.

BPCL partners with Shell and Tiki Tar to expand value-added bitumen portfolio

The strategic investment positions BPCL to capitalize on India’s rapidly growing infrastructure and road construction sector, driven by large-scale government initiatives such as the Bharatmala Pariyojana. The joint venture will focus on the production, marketing, and sale of value added bitumen (VAB), including polymer modified bitumen (PMB), crumb rubber modified bitumen (CRMB), and bitumen emulsions. These specialised products are increasingly preferred for national highway projects and airport runways due to their enhanced durability, temperature stability, and longer lifecycle. The venture will also introduce solutions aimed at decarbonisation and waste circularity in India’s paving industry.

The tripartite partnership brings together highly complementary strengths to scale up the business and will be rebranded to reflect the new ownership structure. Shell will contribute advanced technology and global innovation capabilities for the development of advanced value added bitumen and circular solutions, while Tiki Tar will bring its manufacturing network of six plants and established logistics infrastructure. BPCL, in turn, will leverage its extensive sales network, enabling the joint venture to effectively target major government contracts, PWD projects, and large-scale infrastructure initiatives.

Shri Sanjay Khanna, Chairman & Managing Director, BPCL, with additional charge of Director ( Refineries )

Emphasising on the potential of this Joint venture, Shri Sanjay Khanna, Chairman and Managing Director (CMD) of Bharat Petroleum Corporation Limited (BPCL) said, “India’s infrastructure is evolving at an unprecedented pace, creating the foundation for a more resilient and connected future. Through this joint venture with Shell Gas B.V. and Tiki Tar, we are bringing together world-class technology, advanced blending capabilities and BPCL’s extensive manufacturing and distribution network to strengthen the performance bitumen sector. Together, we will make next-generation road construction technologies accessible across the country, contributing to infrastructure that is shaping the future of India while staying true to BPCL’s purpose of Energising Lives.”

Shri Subhankar Sen, Director (Marketing), BPCL

Speaking on the strategic importance of the acquisition, Shri Subhankar Sen, Director (Marketing) from Bharat Petroleum Corporation Limited (BPCL) said, “India’s road, airport and infrastructure sector are witnessing unprecedented development, the highly durable value-added bitumen is playing an ever increasing role in the creation of standards in our country which are second to none at a global level. 

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 and the Hon’ble PM Gati Shakti National Master Plan through multimodal integration and the expanding greenfield and brownfield airport runway development projects. We bring our brand promise of providing best-in-class customer solutions and our pan India sales and marketing network to the table, which will empower this joint venture to be an active participant in nation building and in the country’s major infrastructure projects ensuring highest quality and service standards, collective growth and long-term profitability.”

Speaking on the potential of this Joint venture, Shri Raman Ojha, Chairman TTSIPL and President Shell Aviation, Shell added, “This joint venture represents the coming together of complementary strengths built over decades. Shell’s global expertise and legacy of innovation in advanced bitumen solutions, combined with Tiki Tar’s extensive pan India manufacturing capabilities, have already created a strong foundation since 2019. With BPCL joining as a strategic partner, we are not just strengthening the partnership but unlocking new possibilities to transform the bitumen landscape. Together, we are well positioned to redefine industry benchmarks, drive innovation, and support India’s shift towards more durable and resource efficient road construction.”

Shri Rajendra Shah from Tiki Tar emphasized the operational readiness of the venture, “For over six decades, Tiki Tar has been a premier provider of construction solutions in India. Our contribution to this joint venture lies in our robust, on-ground manufacturing footprint and cost-effective production. Across our six state-of-the-art plants Taloja, Halol, Palwal, Mangalore, Vizag and Pithampur we provide the JV with immediate, scalable production capacity. Combined with BPCL’s market reach and Shell’s technology, we are uniquely positioned to lead the VAB market.”

Mr. Manoj Menon, Business Head (Industrial & Commercial Solutions) said, “This partnership marks a significant step in strengthening BPCL’s Industrial & Commercial Solutions portfolio with high-performance, value-added bitumen products. By bringing together Shell’s advanced technology, Tiki Tar’s manufacturing expertise, and BPCL’s extensive market reach, we are well positioned to deliver innovative, durable solutions that support India’s rapidly growing infrastructure sector while creating long-term value for our customers.”

About Bharat Petroleum Corporation Ltd. (BPCL)
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, fuel stations, aviation service stations and LPG distributors. Its distribution network comprises over 25,300+ Fuel Stations, over 1000+ CNG stations, over 6,250+ LPG distributorships, 440+ Lubes distributorships, 81 POL storage locations, 56 LPG Bottling Plants, 81 Aviation Service Stations, 5 Lube blending plants and 6 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has Electric vehicle charging stations at 6800+ Fuel Stations. With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.