News Release Details

IndianOil and Total (France) form JV to offer high-quality bitumen derivatives
New Delhi 27-Jul-2020

Mr. SM Vaidya, Chairman, IndianOil at the signing of JV agreement between IndianOil and Total (France)

Indian Oil Corporation (IndianOil), India's largest refiner and marketer of petroleum products, and Total, a multinational energy major with headquarters in Paris, France, today announced the formation of a 50:50 Joint Venture (JV) company that will manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India.

IndianOil is the largest player in the Indian bitumen market, while Total is the leading bitumen manufacturer and supplier in Europe. The two companies have already established a business relationship in India, notably in LPG and fuel additives.

The new JV will combine the R&D and marketing strengths of both IndianOil 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 the possibility of catering to other South Asian markets.

Speaking on the occasion, IndianOil Chairman, Mr. SM Vaidya, said, "The JVC will combine IndianOil's credentials as India's flagship national oil company and Total's strength as an international energy major. It would cater to B2B customers involved in road infrastructure development both in the government and private sectors, and I am confident that this would bring a revolution in road construction in the country by providing superior technology products at competitive prices."

Mr. GK Satish, Director (Planning & Business Development) signing the JV agreement on behalf of IndianOil

Mr. Christian Cabrol, Sr. VP, Asia Pacific & ME Total, signing the JV agreement

"The JVC would bring in latest technologies and formulations for polymer-modified bitumen and other fast-growing non-conventional derivatives such as cold mix & micro-emulsion, block bitumen, etc. to the Indian market. The operations of the JVC would commence by taking over an existing plant of Total at Jodhpur. It would also set up six new greenfield plants at Panipat, Koyali, Haldia, Barauni, Visakhapatnam and Chennai in the first four years. The investment planned towards these new plants is about Rs. 226 crores," he added.

"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," highlighted Mr. Patrick Pouyanné, Chairman and CEO of Total. "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 Government of India has a strong focus on developing the country's road infrastructure with mega projects like the 'Bharatmala' project, which envisages development of 34,800 km of roads at an estimated investment of over Rs. 5 lakh crore (approx. USD 66 billion) in the first phase.

The demand for aggregate material and manufactured material for the highway construction and rehabilitation sector in India is very high, especially for good-quality bitumen derivatives. The IndianOil and Total JV will offer high-spec products using sustainable technologies.

John Prasad K.
Chief General Manager
(Corporate Communications)
IndianOil, Delhi

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By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
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All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
The information contained in the Site has been obtained from sources believed to be reliable. IndianOil disclaims all warranties as to the accuracy, completeness or adequacy of such information.
IndianOil makes no warranty that: (a) the Site will meet your requirements; (b) the Site will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Site or any services offered through the Site will be accurate or reliable.
The User's right to privacy is of paramount importance to IndianOil. Any information provided by the User will not be shared with any third party. IndianOil reserves the right to use the information to provide the User a more personalized online experience.
The Site provides links to web sites and access to content, products and services from third parties, including users, advertisers, affiliates and sponsors of the Site. You agree that IndianOil is not responsible for the availability of, and content provided on, third party web sites. The User is requested to peruse the policies posted by other web sites regarding privacy and other topics before use. IndianOil is not responsible for third party content accessible through the Site, including opinions, advice, statements and advertisements, and User shall bear all risks associated with the use of such content. IndianOil is not responsible for any loss or damage of any sort User may incur from dealing with any third party.