Indian Oil and Total set up a joint venture to manufacture and market bitumen derivatives

NEW DELHI: Indian Oil Corp NSE 0.37 % and French energy giant Total have set up an equal joint venture to manufacture and market bitumen derivatives and specialty products for the Indian road-building industry.

“The operations of the joint venture company 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,” Indian Oil Chairman S M Vaidya said in a press statement. The JV will also explore the possibility of catering to other South Asian markets.