BP Sells 11.5% Stake in Castrol India for Undisclosed Sum; Still Holds 59.5%
May 19 2016 - 5:44AM
Dow Jones News
By Ian Walker
LONDON--Oil giant BP PLC (BP.LN) said Thursday its subsidiary
Castrol Ltd. has sold an 11.5% stake in Castrol India Ltd.
(500870.BY) to domestic and international investors for an
undisclosed sum.
Following the sale, Castrol will own 59.5% of Castrol India, BP
said, adding that it plans to continue as a majority shareholder of
the company.
"India is a key market for Castrol with tremendous growth
potential and is a major element of our global lubricants
business," said Sashi Mukundan, BP's head of country for India.
"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," he said.
BP Chief Executive Bob Dudley, 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."
Castrol India delivered a post-tax profit of around $95 million
in 2015, 30% up on the previous year. For the first quarter of 2016
post-tax profit was $26.5 million.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 19, 2016 05:29 ET (09:29 GMT)
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