BP today announced that its wholly-owned subsidiary, Castrol Limited, has sold a further tranche of the shareholding it holds in Castrol India.
Castrol Limited today sold 8.5% shareholding held in Castrol India to a range of domestic and international investors. The sale followed a similar sale in May of an 11.5% shareholding in Castrol India. As a result of the two sales, BP now holds 51% interest in Castrol India. BP, through Castrol Limited, intends to continue as the majority shareholder in Castrol India.
Bob Dudley, BP Group Chief Executive said: “BP remains the majority shareholder in Castrol India and we remain committed to long-term investment in India, including both progressing natural gas developments with our partners as well as growing our downstream businesses in the country which include both fuels marketing and lubricants.”
Sashi Mukundan, BP’s Head of Country, India, said: "Castrol India has grown successfully over decades and, as majority shareholder, BP remains committed to supporting its continued growth." BP does not expect this transaction to impact staff or customers of Castrol India or its existing contracts.