This Thursday, oil giant BP announced that its subsidiary Castrol Ltd. has sold an 11.5% stake in Castrol India Ltd. to domestic and international investors for an undisclosed sum.
Sashi Mukundan, BP's head of country for India 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 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 Chief Executive Bob Dudley, said.