Bharat Petroleum Corporation Limited (“BPCL”), Shell BV and Tiki Tar Industries (Baroda) Limited are proposing to enter into a joint venture for sale of bitumen and bituminous products in India and exports to Nepal, Bhutan and Bangladesh (“JV Co”). The JV Co product portfolio provides solutions for both highways and airport runways, consisting specifically of VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), Emulsion, and Emulsion OB.
BPCL will subscribe to shares of the JV Co and will hold a 40% stake on completion of the transaction.
Cyril Amarchand Mangaldas supported BPCL on structuring, documentation and providing advice on all relevant Indian legal matters in relation to the transaction.
The deal team was led by Soumya Srivastava, Partner; with assistance from Samaksh Khanna, Viraj Vaidya, Senior Associates; and Parth Singhal, Associate.
