French energy company, Total, and India’s largest refiner and marketer of petroleum products, Indian Oil Corporation, has announced the formation of a 50:50 Joint Venture (JV) company that will manufacture and market high-quality bitumen derivatives, aimed at targeting India’s growing road demand, according to a press release.
The JV will utilize the research and development (R&D) and marketing strengths of both Indian Oil and Total to manufacture and market high-quality Bitumen, including polymer-modified bitumen, crumb rubber modified bitumen, and bitumen emulsions.
Patrick Pouyanné, Chairman and CEO of 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. Today, Total is further cementing its longstanding business cooperation with IndianOil, into a strong and sustainable new partnership. 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.”
The JV will set up manufacturing units across India, with an eye to exploring possibilities in other South Asian markets.
Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market.