Indian Oil gains after inking JV with Total to offer bitumen derivatives

Indian Oil Corporation rose 1.50% to Rs 95 after the company set up an equal joint venture with French energy giant Total to manufacture and market bitumen derivatives and specialty products for the Indian road-building industry.

Indian Oil Corporation (IOCL) is the largest player in the Indian bitumen market, while Total is the leading bitumen manufacturer and supplier in Europe. The two companies have already established a business relationship in India, notably in LPG and fuel additives.

The new JVC 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.

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