BPCL to Buy 40 per cent in Tiki Tar and Shell India for Rs 850 mn

06 Jul 2026 CW Team

Bharat Petroleum Corporation Ltd will acquire a 40 per cent equity stake in Tiki Tar and Shell India Private Limited (TTSIPL) for Rs 850 million (mn) in cash, as part of a move to expand its presence in value-added bitumen.

The investment has received approval from the Department of Investment and Public Asset Management (DIPAM) and is expected to be completed within 90 days.

The transaction is not a related-party deal, according to a regulatory filing. BPCL is a state-owned refining and marketing company with a nationwide fuel and lubricant distribution network.

TTSIPL, incorporated in October 2019, manufactures and markets bitumen and bituminous products used in highways and airport runways. Its product portfolio includes VG Grade Bitumen, Polymer Modified Bitumen (PMB) and Crumb Rubber Modified Bitumen (CRMB) and emulsions. The company also exports products to Nepal, Bhutan and Bangladesh. These specialised products are specified for higher durability and performance in road and runway construction and maintenance.

BPCL framed the investment as aligning with its strategy to capture growing demand for value-added bitumen driven by India’s infrastructure expansion. The acquisition provides BPCL access to specialised manufacturing knowhow and customer relationships in regional infrastructure projects. The company will leverage its sales and logistics network to scale supplies. The move complements BPCL’s existing refining and marketing operations.

The transaction was disclosed in a regulatory filing that set out the completion timetable and stated that the acquisition would be funded from cash resources. Analysts and industry participants said the deal underlines a trend among refiners to move up the value chain into speciality products. BPCL will use the TTSIPL platform to broaden its product mix and export reach in the South Asian region. A post-completion integration plan will be drawn up to align operations, products and distribution.

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