BP has announced that its wholly-owned subsidiary, Castrol Ltd, has sold part of the shareholding it holds in Castrol India. Castrol Ltd sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors.
Bob Dudley, BP Group Chief Executive, said: "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, through Castrol Ltd, 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.
Sashi Mukundan, BP’s Head of Country, India, remarked: "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."
Omer Dormen, Managing Director, Castrol India Ltd., said: "During 2015 Castrol India Ltd delivered a record performance with post-tax profit of around Rs 615 crores (US$95 million), 30% up on the previous year. This strong performance has continued in the first quarter of 2016 with post-tax profit of Rs 172 crores (US$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."
Edited from press release by Angharad Lock
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