Bharat Petroleum Corporation Ltd. (BPCL) will acquire a 40% equity stake in Tiki Tar and Shell India Pvt. Ltd. for Rs 85 crore in cash to strengthen its presence in India's growing value-added bitumen market.

The acquisition has received approval from the Department of Investment and Public Asset Management (DIPAM) and is expected to be completed within 90 days.

BPCL clarified that the transaction is not a related-party deal.