New Delhi, June 29 -- Bharat Petroleum Corp. Ltd. has signed an agreement with Tiki Tar and Shell India Pvt. Ltd, to acquire 40 per cent equity stakes in the joint venture company, for a cash consideration of Rs. 85 crores, BPCL informed the bourses on Monday.

The company said that the indicative time period for the completion of the acquisition is 90 days. BPCL has also received approval from the Department of Investment and Public Asset Management to acquire the JV. Tiki Tar and Shell India Private Limited (TTSIPL), a joint venture company of Tiki Tar Group and Shell Gas B.V.

The company said that the strategic acquisition is aimed at the company's plans to capture the rapidly growing market for Value-Added Bitumen (VAB) in India's bo...