(ET)
Indian Oil Corporation and Total on Monday announced the formation of a 50:50 Joint Venture (JV) company for manufacture of high-quality ‘Bitumen Derivatives’. The JVC will 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,” a joint statement said. “The two companies have already established a business relationship in India, notably in LPG and fuel additives.”
As per the statement, 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.
