has entered a three-way joint venture with Shell Gas B.V. and Tiki Tar Industries (Baroda) Limited by signing a joint venture and share subscription agreement with Tiki Tar and Shell India Private Limited (TTSIPL) on Monday, June 29, 2026.
The partnership gives BPCL a stake in TTSIPL, a company established in 2019 by Shell and Tiki Tar that manufactures value-added bitumen (VAB) products including polymer modified bitumen (PMB), crumb rubber modified bitumen (CRMB), and bitumen emulsions — materials used in highway and airport construction for their durability and temperature resistance.
The joint venture will target government contracts under the Bharatmala Pariyojana highway programme, as well as Public Works Department projects. TTSIPL will be rebranded to reflect the new ownership structure.
Each partner brings defined operational strengths. Shell contributes technology and innovation capabilities in advanced bitumen formulations.
Tiki Tar adds six manufacturing plants located at Taloja, Halol, Palwal, Mangalore, Vizag, and Pithampur. BPCL brings its domestic sales and distribution network to help the venture pursue large-scale infrastructure tenders.
The partnership will also develop bitumen solutions targeting decarbonisation and waste circularity in India’s road construction sector, according to the announcement.