BPCL Acquisition Deal: State-owned firm to acquire 40% stake in Tiki Tar and Shell India; deal valued at ₹85 crore

Bharat Petroleum Corporation Limited (BPCL) has announced plans to acquire a 40% equity stake in Tiki Tar and Shell India Private Limited (TTSIPL). The company disclosed in an exchange filing that it has signed an agreement to this effect.

The acquisition will be executed through a cash payment of ₹85 crore. BPCL has informed the stock exchanges regarding this development.

What are the details of the deal?

According to BPCL, the agreement to acquire a 40% stake in Tiki Tar and Shell India Private Limited—a joint venture between Tiki Tar Group and Shell Gas B.V.—was signed on June 29, 2026. This acquisition aligns with the company’s strategy to strengthen its presence in the value-added bitumen (VAB) business.

The company stated that this investment is being made in light of India’s rapidly growing infrastructure sector and the rising demand for value-added bitumen. TTSIPL is engaged in the marketing, processing, import-export, and sale of various bitumen products used in road construction and airport runways.

Its product portfolio includes VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), Emulsion, and Emulsion OB. While the company’s operations are primarily based in India, it also exports to Nepal, Bhutan, and Bangladesh.

Process to be completed in the next 90 days

BPCL stated that it has received approval from DIPAM for this acquisition and expects the entire process to be completed within the next 90 days. This transaction does not qualify as a ‘related party’ transaction. Tiki Tar and Shell India was incorporated on October 11, 2019. In terms of financial performance, the company’s business stood at ₹317.76 crore in March 2024, ₹545.16 crore in March 2025, and ₹404.60 crore in March 2026.