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.
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.
Emphasising on the potential of this Joint venture, 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."
Speaking on the strategic importance of the acquisition, Subhankar Sen, Director (Marketing) from Bharat Petroleum Corporation Limited (BPCL) said, “India’s road sector is witnessing unprecedented growth, and the demand for highly durable value‑added bitumen is accelerating. By partnering with established industry leaders, BPCL is taking a decisive step to expand our product portfolio and meet the stringent quality demands of mega-projects under the Bharatmala Pariyojana. We bring our vast sales network to the table, which will empower this joint venture to secure significant government and infrastructure contracts, ensuring collective growth and long-term profitability.”
Speaking on the potential of this Joint venture, 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.”
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.”
Manoj Menon, BUSINESS HEAD (INDUSTRIAL & COMMERCIAL SOLUTION) 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."