BPCL to acquire 40% stake in Tiki Tar and Shell India for Rs 85 crores to strengthen Value-Added Bitumen business
New Delhi, June 29
Bharat Petroleum Corp. Ltd. has signed an agreement with Tiki Tar and Shell India Pvt. Ltd, to acquire 40 per cent equity stakes in the joint venture company, for a cash consideration of Rs. 85 crores, BPCL informed the bourses on Monday.
The company said that the indicative time period for the completion of the acquisition is 90 days. BPCL has also received approval from the Department of Investment and Public Asset Management to acquire the JV. Tiki Tar and Shell India Private Limited (TTSIPL), a joint venture company of Tiki Tar Group and Shell Gas B.V.
The company said that the strategic acquisition is aimed at the company's plans to capture the rapidly growing market for Value-Added Bitumen (VAB) in India's booming infrastructure.
Tiki Tar and Shell India Private Limited is a Private limited company incorporated on 11 October 2019. It is registered under the Registrar of Companies, Mumbai. Its authorised share capital is Rs 37 crore and its paid-up capital is Rs 36.08 crore, according to the company's press release.
The JV is engaged in the marketing, processing, importing, exporting and sale of bitumen and bituminous products, with operations primarily in India while also serving export markets including Nepal, Bhutan and Bangladesh.
The company offers a diversified portfolio comprising VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), Emulsions and Emulsion OB, catering to road construction, highways and airport runway projects.
TTSIPL has witnessed robust business growth over the past few years. According to financial data disclosed by BPCL, the company reported a turnover of Rs 317.76 crore in FY24, which increased sharply to Rs 545.16 crore in FY25 before moderating to Rs 404.60 crore in FY26.
The acquisition underscores BPCL's broader strategy of expanding beyond conventional fuel retailing into specialised petroleum products and infrastructure-linked businesses. As India's infrastructure pipeline continues to gather pace, the company expects the partnership to strengthen its position in the premium bitumen segment while leveraging TTSIPL's technical expertise and established market presence.
— ANI
Reader Comments
Finally some strategic diversification. BPCL has been too reliant on petrol/diesel margins which are volatile. Value-added bitumen for airports and highways is a growing niche. Hope they also focus on eco-friendly options like crumb rubber modified bitumen from recycled tyres.
Interesting that TTSIPL's turnover dropped from Rs 545 crore in FY25 to Rs 404 crore in FY26. Hope BPCL's due diligence has addressed that. Still, with infrastructure spending set to increase, this could be a good long-term bet. Just hope the integration goes smoothly.
Good to see PSUs expanding beyond traditional fuel retail. With the government pushing for better road quality, polymer modified bitumen will be in high demand. Also, exports to Nepal and Bhutan make sense given our geographical advantage. 👏
One concern: BPCL is already stretched with its petrochemical expansion and refinery upgrades. Adding bitumen JV on top... hope they have the bandwidth to manage all these moves. Also, Tiki Tar is relatively small player - will their tech really add much value?
Excellent step. India's road network is being upgraded at record pace - from rural roads to expressways. VAB products like CRMB and PMB give longer life to roads which saves crores in maintenance. This is the kind of forward-looking move we need from our PSUs. 👍
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