British oil and gas giant BP has sold a 11.5% stake in Mumbai-based lubricant company Castrol India for around Rs 2,100 crore.
“BP’s wholly-owned subsidiary, Castrol, has been successful in selling part of the shareholding it holds in Castrol India. Castrol sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors,” the British company said.
BP, through Castrol, intends to continue as the majority shareholder of Castrol India. There will be no impact from this financial transaction on staff or customers of Castrol India or on its existing contracts, the company added.
“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,” BP group chief executive Bob Dudley said.
“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,” BP’s head of country, India, Sashi Mukundan said.