“The JVC would bring in latest technologies and formulations for polymer-modified bitumen and other fast-growing non-conventional derivatives such as cold mix and micro-emulsion and block bitumen to the Indian market," he added. The operations of the JVC would commence by taking over an existing plant of Total at Jodhpur.
“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,” said Patrick Pouyanné, Chairman and chief executive officer of Total. “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.”
Both the companies
are targeting the planned road infrastructure with mega projects like the ‘Bharatmala’ project, which envisages development of 34,800 kilo meter of roads at an estimated investment of over Rs. 5 trillion (around $ 66 billion) in the first phase. 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 IndianOil and Total JV will offer high-spec products using sustainable technologies.
Interestingly, this can also be seen as an initiative by Total to spread wings in India after the acquisition of 37.4 per cent stake in Gautam Adani-led Adani Gas in a bulk deal worth Rs 5,152 crore in February this year.