BPCL to buy 40% stake in Tiki Tar and Shell India for 85 crore
BPCL is spending 85 crore for 40% of a bitumen maker tied to roads and runways, a small deal with bigger downstream ambitions.
Bharat Petroleum Corporation Ltd said it will buy a 40% equity stake in Tiki Tar and Shell India Private Limited for 85 crore in cash, taking a small but targeted step deeper into India’s infrastructure supply chain. The deal, cleared by the Department of Investment and Public Asset Management, is expected to close within 90 days and BPCL said it is not a related-party transaction.
The investment revives a plan first disclosed in a stock-exchange filing dated May 30, 2025, when BPCL’s board approved funding for Tiki Tar and Shell India, then described as a joint venture company of Tikitar Group and Shell Gas B.V. The earlier filing said the transaction still needed DIPAM and other regulatory approvals, along with definitive agreements. BPCL’s latest move shows that the state-run fuel retailer is not only adding assets, but also trying to extend its reach beyond pumps and into materials that sit closer to highways, airport runways and other public works.
Tiki Tar and Shell India was incorporated in 2019 and is based in Bhandup West, Mumbai. The company manufactures and markets value-added bitumen products including VG Grade Bitumen, Polymer Modified Bitumen, Crumb Rubber Modified Bitumen and emulsions. It also exports to Nepal, Bhutan and Bangladesh, giving the business a modest cross-border footprint even as its core market remains tied to domestic infrastructure spending.
For BPCL, the attraction is less about scale than position. Value-added bitumen tends to track road-building and airport construction, two areas that have benefited from India’s capital expenditure cycle. The company’s management has framed the investment as part of a strategy to capture rising demand in that segment. In practical terms, the stake gives BPCL exposure to a downstream product line that can carry better margins than plain fuel retailing and can deepen its industrial reach without the cost of a full takeover.
The numbers suggest a business that has grown but remained uneven. TTSIPL posted revenue of 404.6 crore in FY26, down from 545.2 crore in FY25 but higher than 317.8 crore in FY24. Company-record aggregators also place its authorised share capital at 37 crore and paid-up capital at about 36.09 crore, with roughly 43 to 44 employees in 2025. That makes it a small target next to BPCL’s core operations, but one that fits a broader pattern: using selective downstream investments to link a public-sector energy giant more tightly to India’s infrastructure economy.
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