Bharat Petroleum Corporation Ltd (BPCL), the state-owned oil refining and marketing company, has started operations of its joint venture with Shell Gas B.V. And bitumen products maker Tiki Tar Industries. The venture, Tiki Tar and Shell India Pvt Ltd, which was setup in 2019, has been renamed Bharat Tiki Tar Shell Pvt Ltd with BPCL’s entry. BPCL had launched the partnership in June, when it signed a joint venture and share subscription agreement with the 2 current partners.
As per BPCL’s June filing with the stock exchanges, BPCL is obtaining a 40% stake in the company for Rs. 85-crore in cash. The company reported turnover of Rs. 404.60-crore in 2025-26, against Rs. 545.16-crore in 2024-25.
The venture will manufacture and market value-added bitumen, including of polymer modified bitumen (PMB), crumb rubber modified bitumen (CRMB) and bitumen emulsions. These grades are increasingly opted for national highway projects and airport runways for their durability, temperature stability and longer life, the partners stated. The company will also bring in solutions targeted at decarbonisation and waste circularity in paving.
Shell will contribute technology for advanced value-added bitumen and circular solutions, and Tiki Tar its six plants at Taloja, Halol, Palwal, Mangalore, Visakhapatnam and Pithampur, together with its logistics network. BPCL’s sales network will support the venture pursue large government contracts, Public Works Department ventures and highway programmes inclusive of Bharatmala Pariyojana.
Mr. Subhankar Sen, Director (Marketing), BPCL, stated the partnership broadens the oil company’s product portfolio and will support meet the stringent quality demands of state ventures including Bharatmala. Mr. Manoj Menon, Chairman, Bharat Tiki Tar Shell, said demand is shifting from conventional paving bitumen to “high-overall performance, application-specific and value-added solutions”. He said the goal is to emerge as a solutions partner, now not only a bitumen supplier. Mr. Sumit Mohan is the company’s Managing Director and CEO.
Mr. Raman Ojha of Shell said the venture integrates Shell’s bitumen expertise with Tiki Tar’s pan-India production, that have worked collectively since 2019. Mr. Rajendra Shah, Director, Tiki Tar, stated the 6-plants give the venture immediate and scalable capacity.
