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Castrol India Shares Jump as Reliance and Buyout Firms Bid for BP Lubricants Unit

The sale overseen by Goldman Sachs could fetch $8–10 billion to help BP shrink its net debt under activist investor pressure.

Castrol India shares rise 7% on report Reliance joins race to buy BP’s lubricant business
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Overview

  • BP launched a formal sales process for its global Castrol lubricants arm earlier this month with Goldman Sachs as lead advisor.
  • Mukesh Ambani’s Reliance Industries has joined Apollo Global Management, Lone Star Funds and Saudi Aramco among parties expressing takeover interest.
  • Sources say BP has shared initial details with Brookfield Asset Management and Stonepeak Partners, and the deal could be valued between $8 billion and $10 billion.
  • Castrol India Ltd.’s stock climbed nearly 7% on May 29 following reports of heightened acquisition bids.
  • BP plans to use proceeds from the divestment to reduce its net debt to between $14 billion and $18 billion by the end of 2027.