India’s Bharat Petroleum Corporation (BSE:500547, NSE:BPCL) signed an agreement on June 29, 2026, to acquire a 40% equity stake in Tiki Tar and Shell India Private Limited, a joint venture between Tiki Tar Group and Shell Gas B.V.
The company disclosed the transaction to India’s BSE Limited and the National Stock Exchange of India under the Securities and Exchange Board of India (SEBI) listing regulations.
According to the text of the company’s filing with the BSE, the acquisition will be completed for cash consideration of about INR850mn ($8.99mn) and has already received approval from India’s Department of Investment and Public Asset Management. Completion is expected within 90 days.
Bharat Petroleum said the investment supports its strategy of expanding its presence in the growing value-added bitumen segment serving highways and airport runways. Tiki Tar and Shell India Private Limited, incorporated on October 11, 2019, markets and processes bitumen products in India while exporting to Nepal, Bhutan and Bangladesh.
The company reported revenue of INR3.18bn for the year ended March 2024, INR5.45bn for March 2025 and INR4.05bn for March 2026.
The transaction highlights continued consolidation around infrastructure-linked energy products and may position Bharat Petroleum to benefit from sustained public investment in regional transport networks, while strengthening its exposure to higher-value bitumen products supporting long-term infrastructure development across India.
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