Total has entered into a partnership with Indian Oil Corporation (IOC) to manufacture and market bitumen derivatives.
The 50:50 joint venture company is aiming to produce speciality products for the growing road-building industry in India.
Total is currently the leading bitumen manufacturer and supplier in Europe, while IOC is the largest player in the Indian market.
The joint venture will also look to branch out to other South Asian markets.
Patrick Pouyanné, Chairman and 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.”
“Today, Total is further cementing its longstanding business cooperation with IndianOil, into a strong and sustainable new partnership. With this agreement, we are pursuing the growth of businesses with key Indian energy players, adding to our ongoing developments in renewables, gas and power.”
Shrikant Madhav Vaidya, Chairman of IOC said: “The IndianOil-Total joint venture company would combine IndianOil’s credentials as India’s Flagship National Oil Company and the Total’s strength as an International Energy Major.
“This would cater to B2B customers involved in road infrastructure development, both in the government and private sectors and I am confident that this would start a revolution in road construction activities in the country by providing superior technology products at competitive prices”.