New Delhi [India], 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.