BP sells 11.5 pc stake in Castrol India

BP sells 11.5 pc stake in Castrol India

11:16 AM, 20th May 2016
BP sells 11.5 pc stake in Castrol India

LONDON, UK: BP Plc sells 11.5 percent stake in its Indian subsidiary, Castrol India Ltd to a range of domestic and international investors. Previously it held 71 percent stake in Castrol India.

Castrol India is listed on the Mumbai Stock Exchange and the National Stock Exchange; a variety of investors hold the other 29 percent of the company.

"BP remains committed to India and we wish to continue to grow our businesses here, progressing our upstream natural gas developments as well as our downstream opportunities, including lubricants," said Bob Dudley, CEO of BP Group.

"India is a key market for Castrol with tremendous growth potential and is a major element of our global lubricants business. We will continue to have strategic control of Castrol India and this decision is independent of our upstream investments which we continue to progress. We are investing in India and plan to continue to do so," said Sashi Mukundan, BP’s head of country, India,

"During 2015 Castrol India Ltd delivered a record performance with post-tax profit of around $95 million, 30 percent up on the previous year. This strong performance has continued in the first quarter of 2016 with post-tax profit of $26.5 million for the quarter. We are in a solid position today and will continue to benefit from our strong brands, enduring relationships and the commitment of our staff," said Omer Dormen, managing director, Castrol India Ltd.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Bayer sells certain parts of environmental science unit to SBM

MONHEIM, GERMANY/LYON, FRANCE: Bayer AG has signed an agreement to sell its consumer business of the environmental science unit to SBM Developpement ( ...

Read more
Clariant launches new guard for methanol synthesis catalysts

SHANGHAI, CHINA: Clariant SA has launched MegaGuard 700 catalyst guard, designed to protect methanol synthesis catalysts, such as those of Clariant's ...

Read more
Solvay, Eastman Chemical to end Primester joint venture partnership

BRUSSELS, BELGIUM: Solvay SA and Eastman Chemical Company have signed a definitive agreement to end their 50/50 cellulose acetate production joint ven ...

Read more
Flint Group acquires American Inks and Coatings in US

PLYMOUTH, US: Flint Group has acquired American Inks and Coatings (AIC) based in Pine Bluff, US. This investment is an important part of Flint Group&r ...

Read more
Pfizer to acquire Anacor Pharmaceuticals in $5.2 billion deal

New York, US: Pfizer Inc has entered into a definitive agreement to acquire all the shares of Anacor Pharmaceuticals Inc in a deal valued at $5.2 bill ...

Read more
RPM acquires full ownership in Chinese JV, Carboline Dalian

MEDINA, US: RPM International Inc (RPM) said that its subsidiary Carboline Company has acquired full ownership of its Chinese joint venture Carboline ...

Read more