Indian Oil inks JV with France’s Total

Indian Oil on Monday announced an equal joint venture (JV) with French energy major Total for manufacturing speciality bitumen derivatives with an eye on the country’s rapid expansion of road infrastructure, including the Rs 5-lakh-crore ‘Bharatmala’ project.

“The JV will kick off by taking over Total’s plant at Jodhpur and set up six greenfield units at Panipat, Koyali, Haldia, Barauni, Visakhapatnam and Chennai at an investment of Rs 226 crore in the first four years,” a company statement quoted chairman S M Vaidya as saying.

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