Mumbai, Jul 27 (IANS): OMC Indian Oil Corporation and broad energy company Total on Monday announced the formation of a 50:50 Joint Venture (JV) company for manufacture of high-quality 'Bitumen Derivatives'.

The JVC will market high-quality bitumen derivatives and specialty products for the growing road-building industry in India.

"IndianOil is the largest player in the Indian bitumen market, while Total is the leading bitumen manufacturer and supplier in Europe," a joint statement said.

"The two companies have already established a business relationship in India, notably in LPG and fuel additives."

As per the statement, the new JV will combine the R&D and marketing strengths of both IndianOil and Total to manufacture and market innovative bitumen formulations and superior quality products such as "polymer-modified bitumen, crumb rubber-modified bitumen, bitumen emulsions" and other specialty products.

"The JV will set up manufacturing units across the country with cost-effective logistics solutions, keeping innovation, safety and sustainability at the helm of its operations," the statement said.

"The JV will also explore the possibility of catering to other South Asian markets."

According to the statement, the Centre has a strong focus on developing the country's road infrastructure with mega projects like the 'Bharatmala' project, which envisages development of 34,800 km of roads at an estimated investment of over Rs 5 lakh crore (approx $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 statement said.

"The IndianOil and Total JV will offer high-spec products using sustainable technologies."