Stonepeak Acquires Majority Stake in Castrol India from BP in $10 Billion Deal

BP plc has sold a 65% stake in its subsidiary, Castrol India, to Stonepeak for $10 billion. This deal will form a new joint venture with Stonepeak owning 65% and BP holding 35%. The company aims to continue benefiting from Castrol's growth while unlocking value for shareholders.

Shares of Castrol India closed 2% higher on Wednesday, rebounding from an intraday high when the company's stock surged 8.9% after BP plc announced selling a 65% stake to Stonepeak for $10 billion.

On the BSE, the stock settled at Rs 189.60, while on the NSE it finished at Rs 189.30 as the broader markets ended slightly lower.

BP said this sale will create a joint venture with Stonepeak owning a majority stake. Carol Howle, interim CEO at BP, called the scenario ideal for stakeholders as the transaction offers significant shareholder value.

(With inputs from agencies.)