First publishedon www.AggBusiness.com
Shell and Tiki Tar Industries executives at the joint venture signing ceremony: (from left) Hirendra K. Mota, director, Tiki Tar Industries; Rajendra Shah, chairman, Tiki Tar Industries; Jason Wong, vice president of Shell Global Bitumen and Sulphur; Thanes Rajatapiti, Shell Specialities regional general manager, Asia and Middle East; and Raman Ojha, country head, Shell Lubricants India
Bitumen has entered into a partnership with Tiki Tar Industries to sell bitumen to customers in the pavement sector, including national and state highways, airport runways and village roads in India.
Tiki Tar and Shell India Pvt Ltd, a 50-50 incorporated joint venture between Shell and Tiki Tar Industries, will supply and market an extensive range of bitumen products based on the Shell Bitumen product portfolio.
“This partnership enables Shell Bitumen to grow our global footprint by expanding into India, one of the world’s fastest growing economies and a key growth market for Shell,” said Jason Wong, vice president of Shell Global Bitumen and Sulphur. “Together, Shell’s global brand and technology leadership and Tiki Tar Industries’ established manufacturing and supply chain network are well-placed to cater to the growing demand for bitumen due to the expansion of road networks in India,” he added.
“Tiki Tar Industries has been supplying bitumen products in India for over 55 years; this joint venture is a major step for us,” said Rajendra Shah, chairman of Tiki Tar Industries. “It creates the opportunity to bring higher quality bitumen products to India to meet the country’s need of better roads and improved connectivity. I look forward to working with Shell and growing our business together.”
The India government announced as part of the country’s 2019 budget that it plans to spend up to US$1.17 billion to upgrade 125,000km of roads over the next five years to improve connectivity across the country. As a result, India’s bitumen demand is expected to remain strong in the near future.
Shell will bring its world-class bitumen research and development expertise and over 125 years’ global experience to the joint venture, while Tiki Tar brings its extensive manufacturing network and established local presence across the India market.