State-run Indian Oil Corporation (IOC) and French energy giant Total on Monday formed an equal joint venture to manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India.
The joint venture company would also set up six new greenfield plants at Panipat, Koyali, Haldia, Barauni, Visakhapatnam and Chennai in the first four years at an investment of about Rs 226 crore. IndianOil is the largest player in the Indian bitumen market, while Total is the leading bitumen manufacturer and supplier in Europe. The two companies already have established a business relationship in India, notably in LPG and fuel additives.
