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BP sells an 11.5% stake in Castrol India

BP Plc sold approximately 11.5% stake in Castrol India to local and overseas investors, the London-based company said in a statement.BP sold 56.8 million shares at an average price of Rs.365 apiece, valuing the deal at Rs.2,075 crore.Prior to the transaction, BP Plc through Castrol Ltd held 71% in the Indian unit while the remaining 29% was held by a diversified set of investors.The stake sale isn’t an indication of reduced interest in the Indian market, said the group. “BP remains committed to India and we wish to continue to grow our businesses here,including lubricants,” said Bob Dudley, BP Group chief executive in a statement.

“There will be no impact from this financial transaction on staff or customers of Castrol India or on its existing contracts,” the press statement added.BP employs around 8,500 people in the oil, gas, lubricants and petrochemicals businesses in India.Castrol India manufactures and markets automotive, industrial and marine lubricants distributed through 370 plus distributors from over 80,000 retail outlets. It has three manufacturing plants located in Silvassa, Patalganga and Paharpur.

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"