New Delhi, July 28 - Neftegaz.RU. Indian Oil Corporation and Total announced the formation of a 50:50 Joint Venture (JV) company for manufacture of high-quality 'Bitumen Derivatives'.
Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market.
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.
Patrick Pouyanné, CEO of Total, said: “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.”
"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 company´s statement said. "The JV will also explore the possibility of catering to other South Asian markets."
"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 statement said. "The IndianOil and Total JV will offer high-spec products using sustainable technologies."
Total has been present in India since 1993 and currently has over 900 employees. It has chemical, LPG, and lubricant businesses and had recently struck a joint venture with Adani Group for fuel and gas marketing and renewable energy.
French Total entered into a partnership with IndianOil to manufacture and market bitumen derivatives