IOCL, Total form JV to manufacture bitumen derivatives
The JV will set up manufacturing units across the country to manufacture and market bitumen derivatives and products for the growing road-building industry in India.
Indian Oil Corporation (IOCL) and French energy major Total have entered into an equal joint venture to manufacture and market bitumen derivatives and speciality products for the growing road-building industry in India.
As per the joint statement, the new JV will combine the R&D and marketing strengths of both Indian Oil and Total to manufacture and market innovative bitumen formulations and superior quality products such as polymer-modified bitumen, crumb rubber modified bitumen, bitumen emulsions and other specialty products.
The JV will set up manufacturing units across the country with cost-effective logistics solutions, keeping innovation, safety, and sustainability at the helm of its operations. The JV will also explore possibilities to cater to other South Asian markets.
Patrick Pouyanné, Chairman and CEO, Total, said: “India is a strategic country for the future of Total and we are delighted by this partnership, yet another testimony of our commitment to this fast-growing market. With this agreement, we are pursuing the growth of businesses with key Indian energy players, adding to our ongoing developments in renewables, gas and power.”