Bharat Petroleum Corp. Ltd. (BPCL) has signed an agreement to acquire a 40% stake in the joint venture company Tiki Tar and Shell India Private Limited (TTSIPL) for ₹85 crore in cash. BPCL has already received government approval for this investment and expects to complete the process within the next 90 days.
The main goal of this deal is to help BPCL tap into India’s rapidly growing infrastructure market by selling value-added bitumen, which is the sticky black material used to pave roads, major highways, and airport runways. This move helps BPCL expand its business beyond just selling normal petrol and diesel at fuel stations.
The target company, TTSIPL — founded in 2019 — focuses on manufacturing, importing, and exporting specialised bitumen products. While they operate primarily across India, they also sell their products to neighbouring countries such as Nepal, Bhutan, and Bangladesh.
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TTSIPL has shown strong financial growth over the last few years, recording a business turnover of ₹317.76 crore in the financial year 2024, which then jumped sharply to ₹545.16 crore in 2025, before settling at ₹404.60 crore in 2026. By teaming up, BPCL will combine its extensive reach with TTSIPL’s technical expertise to lead the premium road-building materials market.
