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BPCL · Bharat Petroleum Corporation Limited · NSE · Filed 29 Jun · 1 min read

BPCL to acquire 40% stake in Tiki Tar and Shell India for ₹85 crore

The state-owned refiner is buying a minority interest in a bitumen products joint venture, targeting India's value-added bitumen market for infrastructure.

What was filed

Bharat Petroleum Corporation Limited (BPCL) told the exchanges it signed an agreement on 29 June 2026 to acquire a 40% equity stake in Tiki Tar and Shell India Private Limited (TTSIPL), a joint venture of the Tiki Tar Group and Shell Gas B.V. The filing notes this follows an earlier intimation dated 30 May 2025. The deal is an all-cash transaction, has DIPAM approval, and is expected to complete within an indicative 90-day window, per the filing. BPCL confirmed it does not fall within related party transaction provisions.

What TTSIPL does

Incorporated in October 2019 and registered in Mumbai, TTSIPL operates in the marketing, processing, purchasing, importing, exporting and selling of bitumen and bituminous products, primarily in India, with export sales to Nepal, Bhutan and Bangladesh. Per the filing, its portfolio serves both highways and airport runways and includes VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), Emulsion and Emulsion OB. The company stated the acquisition is driven by the need to capture the growing market for Value-Added Bitumen in India's infrastructure sector.

The target's recent trade

The filing discloses TTSIPL's turnover for the last three financial years, which rose into March 2025 before easing in March 2026. The figures are set out in the key-facts panel below. BPCL is taking a minority position rather than control, acquiring 40% of the equity.

TTSIPL turnover
INR 317.76 → INR 545.16 → INR 404.60 crFY24 → FY25 → FY26+27%‡
Stake acquired
40%
Cost of acquisition
Rs.85 Crores
Indicative completion period
90 days
TTSIPL paid-up capital
Rs. 360869560.00

‡ Computed by us from the filing’s own figures — not a company-stated number.

The transaction gives BPCL a 40% minority position in a specialised bitumen products venture rather than a controlling stake, and the consideration is modest relative to BPCL's scale; holders may note it as a step into the value-added bitumen segment tied to infrastructure demand, with completion subject to the disclosed 90-day timeline.

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