BPCL signs pact to acquire 40% stake in Tiki Tar-Shell India JV

State-run Bharat Petroleum Corporation Ltd (BPCL) has signed an agreement to acquire a 40% stake in Tiki Tar and Shell India Pvt Ltd for ₹85 crore, marking another step in strengthening its presence in the bitumen and road infrastructure materials segment.

The company informed exchanges on Monday that it has entered into a share purchase agreement to acquire the stake from Shell Overseas Investments B.V. Upon completion of the transaction, BPCL will become an equal joint venture partner in Tiki Tar and Shell India alongside the existing shareholder.

The acquisition is subject to customary regulatory approvals and the fulfilment of conditions precedent laid out in the agreement.

Tiki Tar and Shell India manufactures and markets a range of bitumen-based products used in road construction and maintenance, including modified bitumen, emulsions and other value-added products.

The transaction is expected to complement BPCL's existing refining and fuel marketing operations while strengthening its downstream presence in infrastructure-linked businesses.

The announcement comes weeks after BPCL reported a mixed set of earnings for the March quarter. The company posted a net profit of ₹3,192 crore, lower than market expectations, largely due to a ₹4,349 crore exceptional impairment charge related to investments in subsidiary Bharat PetroResources Ltd (BPRL).

Also Read: BPCL Q4 Results: One-off impairment drags profit, but margins beat estimates

Operationally, however, the company outperformed Street estimates. EBITDA stood at ₹10,061 crore, well ahead of expectations, while the EBITDA margin came in at 8.5%, supported by healthy refining and marketing performance.

BPCL also reported cumulative impairment losses on investments in BPRL of ₹11,313.83 crore as of March 31, 2026, and foreign exchange losses of ₹1,644.22 crore during FY26, compared with ₹357.96 crore in the previous financial year.

Shares of BPCL were trading at ₹300.50, down nearly 3% on the NSE in afternoon trade on Monday, amid a broader decline in oil marketing company (OMC) stocks.