Bharat Petroleum Corporation Limited (BPCL) has signed an agreement to acquire a 40 percent equity stake in Tiki Tar and Shell India Private Limited (TTSIPL) for a cash consideration of Rs 85 crore, the company informed stock exchanges on Monday.
BPCL said the acquisition is expected to be completed within 90 days, subject to the fulfilment of customary conditions. The company has also received approval from the Department of Investment and Public Asset Management (DIPAM) for the transaction.
TTSIPL is a joint venture between the Tiki Tar Group and Shell India Private Limited.
Strategic Bet on Value-Added Bitumen
BPCL said the investment aligns with its strategy to strengthen its presence in the rapidly expanding Value-Added Bitumen (VAB) market, supported by India’s ongoing infrastructure development.
The company believes the acquisition will help it tap growing demand for specialised bitumen products used in highways, roads and airport construction.
About the Joint Venture
Tiki Tar and Shell India Private Limited was incorporated on October 11, 2019, and is registered with the Registrar of Companies, Mumbai.
The company has an authorised share capital of Rs 37 crore and a paid-up capital of Rs 36.08 crore.
Its business includes the marketing, processing, import, export and sale of bitumen and bituminous products. While its primary operations are in India, the company also serves export markets including Nepal, Bhutan and Bangladesh.
Its product portfolio includes:
- VG Grade Bitumen
- Polymer Modified Bitumen (PMB)
- Crumb Rubber Modified Bitumen (CRMB)
- Emulsions
- Emulsion OB
These products are widely used in road construction, highway development and airport runway projects.
Revenue Growth
According to financial details disclosed by BPCL, TTSIPL has reported steady business growth in recent years.
The company’s turnover stood at:
- Rs 317.76 crore in FY24
- Rs 545.16 crore in FY25
- Rs 404.60 crore in FY26
Expanding Beyond Conventional Fuel Business
BPCL said the acquisition is part of its broader strategy to diversify beyond traditional fuel retailing and expand into specialised petroleum products and infrastructure-related businesses.
With infrastructure spending continuing to grow across the country, the company expects the partnership to strengthen its position in the premium bitumen segment while benefiting from TTSIPL’s technical expertise, product portfolio and established presence in both domestic and neighbouring export markets.
