Mumbai, July 27 (TIWN) 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'.

Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market. The two companies have already an established business relationship in India, notably in LPG and fuel additives businesses.