BP sells 11.5% stake in Castrol India subsidiary – Feedback

UK-based oil firm BP announced on Thursday its wholly owned subsidiary, Castrol, had sold 11.5 per cent stake from the 71 per cent it held in Castrol India, to domestic and international investors.

BSE-listed Castrol India makes and markets automotive, industrial, and marine lubricants, through 370-odd distributors and more than 80,000 retail outlets. At Thursday’s closing price on the BSE, a 11.5 per cent stake in the company was valued around Rs 2,100 crore. Bob Dudley, BP group’s chief executive, said: “BP remains committed to India and we wish to continue to grow our businesses here, progressing our upstream natural gas developments and our downstream opportunities, including lubricants.” Upstream refers to operation stages in the oil and gas industry that involve exploration and production.

http://www.business-standard.com/article/companies/bp-sells-11-5-stake-in-castrol-india-subsidiary-116051901124_1.html

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