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.

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