Tiki Tar and Shell India

What Tiki Tar and Shell India does

Tiki Tar and Shell India (TTSIPL) is a Mumbai-headquartered joint venture incorporated in October 2019 between Tiki Tar Industries (Baroda) Limited and Shell Gas B.V., with Bharat Petroleum Corporation (BPCL) having acquired a 40% stake for approximately Rs 85 crore in June 2026. The company manufactures and sells premium modified bitumen products across six manufacturing plants in India, including Polymer Modified Bitumen under the Shell Cariphalte brand, Crumb Rubber Modified Bitumen under the Shell Mexphalte brand, Bitumen Emulsions under the Shell Spramul brand, and VG 40 paving-grade bitumen. Its principal customers are Indian central-public-sector infrastructure buyers — the National Highways Authority of India (NHAI), the Airport Authority of India (AAI), and contractors working on the Bharatmala Pariyojana programme — supplemented by export volumes into Nepal, Bhutan, and Bangladesh.

The company's technology base is anchored in licensed Shell bitumen formulations supported by R&D linkage to Shell Technology Centre Bangalore, giving it access to over a century of global bitumen formulation IP. TTSIPL competes in a specification-driven, tender-based procurement category where product qualification on highway and runway projects, geographic proximity of supply, and co-branding of an international technology partner are the primary determinants of share, rather than pricing or direct-to-customer sales motion.

TTSIPL monetises via B2B sale of bituminous binders to road and runway contractors and project authorities, with revenue tied to the awarding cycle of NHAI/state-highway and airport pavement projects. Headcount is reported at the 11-50 band, consistent with a capital-asset-heavy manufacturing operation rather than a services or technology model, and the entity remains a privately held, non-listed joint venture with FY26 disclosed revenue of approximately Rs 404.6 crore (~$48.5M), down from Rs 545.2 crore in FY25.

Name

Tiki Tar and Shell India

Legal name

TIKI TAR AND SHELL INDIA PVT. LTD.

Website

https://tikitarshell.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Tiki Tar and Shell India is a Mumbai-headquartered 2019 joint venture between Tiki Tar Industries (Baroda) and Shell Gas B.V., manufacturing premium modified bitumen (PMB, CRMB, emulsions) across six Indian plants and supplying central highway, Bharatmala, and airport-runway infrastructure projects in India, Nepal, Bhutan, and Bangladesh.

Ownership category

akta.pro rank

Product category

Bitumen Products / Road Construction Materials

NAICS

Asphalt Paving, Roofing, and Saturated Materials Manufacturing (32412)

SIC

Asphalt Paving & Roofing Materials (2950)

akta.pro primary industry

Asphalt Additives & Performance Enhancers (Anti-strip, Warm-mix, Fibers, Rejuvenators) (EUALAKAH)

akta.pro secondary industries

Paving-Grade Asphalt Binder (PG/Performance-Graded) (EUALAKAA), Industrial & Waterproofing Bitumen Products (Roofing, Membranes, Shingles, Sealants) (EUALAKAF)

Keywords

• Bitumen products
• Polymer modified bitumen
• Crumb rubber bitumen
• Pavement construction materials
• Highway construction chemicals

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Bitumen Product Sales: Manufacturing and marketing of specialized bitumen products including Polymer Modified Bitumen, Crumb Rubber Modified Bitumen, and VG Grade Bitumen for highways and airport runways in India and export markets.
2. Export Revenue: Export of bitumen products to Nepal, Bhutan, and Bangladesh, contributing to total revenue stream.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Tiki Tar and Shell India manufactures and markets a comprehensive portfolio of value-added bitumen products for the pavement industry, including Polymer Modified Bitumen, Crumb Rubber Modified Bitumen, Bitumen Emulsions, Viscosity Grade Paving Bitumen, cold-mix pothole repair solutions, and pavement joint sealants. The company serves government agencies, highway contractors, and airport authorities across India and exports to Nepal, Bhutan, and Bangladesh, supported by six pan-India manufacturing plants and Shell's proprietary bitumen technology.

Product overview

Tiki Tar and Shell India is a joint venture between Tiki Tar Group and Shell Gas B.V., offering a comprehensive portfolio of bitumen and bituminous products for the pavement industry. The product portfolio centers on three core categories: Performance Graded and conventional Polymer Modified Bitumens (Shell Cariphalte series) for heavy-duty highways; Bitumen Emulsions (Shell Spramul series) for cold application and surface treatments; and Crumb Rubber Modified Bitumens (Shell Mexphalte CRMB) for sustainable pavement construction. Supporting these core product lines are specialty offerings including Shell Bitumen VG 40 viscosity grade bitumen for modern highways, Shelmac PR cold-mix pothole repair solution, and TIKI JOINTSEAL sealants for pavement joint applications. The company operates six manufacturing plants strategically located across India and serves markets in Nepal, Bhutan, and Bangladesh.

Differentiator

Problem solved

Functional benefit

Products and services

• Shell Cariphalte Polymer Modified Bitumen Series Polymer Modified Bitumen engineered for improved rheology, elasticity recovery, viscosity, reduced fatigue cracking, fuel resistance, and enhanced adhesion/cohesion for heavy-duty highways and expressways.
• Shell Spramul Bitumen Emulsions Cold application bitumen emulsions for spray or mixing with aggregates, available in rapid-setting, slow-setting, cationic, and medium-setting grades. Used for surface treatments, crack sealing, slurry sealing, and micro surfacing applications.
• Shell Mexphalte Crumb Rubber Modified Bitumen (CRMB) Crumb Rubber Modified Bitumen (CRMB 55 and CRMB 60) utilizing scrap tyres for sustainable waste management, delivering high-performing asphalt pavements with long-lasting durability comparable to PMB.
• Shell Bitumen VG 40 High Quality Viscosity Grade (HMVG-40) Paving Bitumen manufactured using patented technology for modern highways, offering rut and fatigue resistant mix, high resilient modulus, and resistance to heavy axle loads.
• Shelmac PR Cold Mix Pothole Repair Ready-to-use cold applied pre-mix solution for potholes and depressions, consisting of 10mm and lower sized aggregates that eliminate the need for plant and machinery, allowing immediate road reopening to traffic.
• TIKI JOINTSEAL and TIKI POLYSEAL Sealants TIKI JOINTSEAL A and B (hot poured sealants for concrete surfaces per IS:1834) and TIKI POLYSEAL (ambient temperature pouring-grade elastomeric sealant per BS:5212:1990) for pavement joint applications resistant to expansion, contraction, compression, and cyclic movements.

Quantifiable outcome

• Six manufacturing plants serving India's infrastructure expansion
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Five partnerships are on record, tiered core and minor.

• BPCL (Bharat Petroleum Corporation Ltd)coreStrategic or Co-development Partner · 29 June 2026BPCL acquiring 40% equity stake in TTSIPL for Rs 85 crore. Strategic investment to strengthen BPCL's Value-Added Bitumen business and capture growth in India's infrastructure sector. BPCL contributes domestic sales and distribution network while gaining access to specialized bitumen manufacturing capabilities.
• Shell Gas B.V.coreStrategic or Co-development Partner · 1 October 2019Shell Gas B.V. is the original joint venture partner holding significant stake in TTSIPL. Provides world-leading bitumen technology, R&D capabilities through Shell Technology Centre Bangalore, and global brand credibility.
• Tiki Tar GroupcoreStrategic or Co-development Partner · 1 October 2019Tiki Tar Group (Baroda) Limited is the original JV partner providing local manufacturing expertise, six manufacturing plants, and established local market presence in India's bitumen sector.
• Shell Technology Centre BangalorecoreTechnology or IntegrationR&D partnership providing high-tech innovation and demonstration facilities for bitumen technology development, housing R&D staff for multidisciplinary collaboration in affordable innovations.
• DIPAM (Department of Investment and Public Asset Management)minorOthersGovernment regulatory body that approved the BPCL acquisition of 40% stake in TTSIPL.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Shell India Markets Pvt. Ltd. Indian arm of Shell, the technology and brand licensor behind TTSIPL's Cariphalte, Spramul and Mexphalte ranges. Comparable product portfolio and global R&D backing; remains a key global benchmark for TTSIPL's offerings.
• Nynas AB: Specialist bitumen producer with a global portfolio of paving-grade, polymer modified and emulsion products closely comparable to TTSIPL's range. Comparable in product technology and customer base across international infrastructure projects.
• Tiki Tar Industries (Baroda) Limited: JV partner of Tiki Tar and Shell India and a long-standing Indian manufacturer of bitumen, road construction chemicals and specialty products. Highly comparable product portfolio and customer base; the two entities have intertwined operations and shared manufacturing heritage.

Broad incumbents

• Hindustan Petroleum Corporation Limited (HPCL): Indian PSU refiner with a meaningful bitumen and modified bitumen portfolio serving highway, airport and infrastructure projects. Competes with TTSIPL for government tenders and private road EPC contracts across India.
• Reliance Industries Limited (Bitumen / RPL): Operates large refining complexes that produce paving-grade and modified bitumens sold into the Indian road infrastructure market. Comparable product categories and pan-India reach via Jamnagar-based supply.
• Indian Oil Corporation Limited: Largest Indian PSU refiner producing paving-grade bitumen, PMB and emulsions sold into the same NHAI/MoRTH tender pool as TTSIPL. Comparable scale, government customer base and product categories make it the principal domestic competitor.
• Bharat Petroleum Corporation Ltd (BPCL): Indian public-sector oil major that is acquiring 40% of TTSIPL and also operates its own bitumen and value-added bitumen business. Overlapping product lines and pan-India distribution make BPCL both a partner and a direct comparator in PMB, CRMB and emulsion supply.
• TotalEnergies (Bitumen): Global integrated major with a substantial specialty bitumen business, including polymer modified bitumen and emulsions. Comparable product technology stack and competes for premium highway and airport runway contracts across South Asia.

Emerging players

• Maruti Infrastructure Limited: Smaller India-listed infrastructure and road construction company with exposure to bitumen trading and road-building services. Less of a product overlap but competes for the same downstream road project pipeline.

Regional players

• Veidekke ASA (Asphalt): Norwegian contractor and asphalt producer with a strong Nordic/European modified bitumen and emulsion offering. Comparable product categories (PMB, emulsions, cold mix) but operates primarily in Northern Europe rather than South Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tiki-tar-and-shell-india

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tiki Tar and Shell India