BP has recently declared that its wholly-owned subsidiary, Castrol Limited, has been successful in selling part of the shareholding it holds in Castrol India. Castrol Limited sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors. Castrol India is listed on the Mumbai Stock Exchange (BSE: CSTRL IB EQUITY) and the National Stock Exchange (NSE: CSTRL IS EQUITY); a variety of investors hold the other 29% of the company.
BP, through Castrol Limited, 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. 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."
Omer Dormen, Managing Director, Castrol India Ltd., said: "During 2015 Castrol India Ltd delivered a record performance with post-tax profit of around INR 615Cr (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 INR 172Cr (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."