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BP's Subsidiary Divests Part of Holding in Castrol India
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Oil giant BP plc’s (BP - Free Report) wholly owned affiliate, Castrol Limited, has successfully farmed out part of its holding in Castrol India.
Castrol Limited divested about 11.5% from the 71% stake it held in Castrol India to various domestic and international investors. The remaining 29% of the company is held by a range of investors. Castrol India is listed on the Mumbai Stock Exchange and the National Stock Exchange.
BP, through Castrol Limited, plans to remain the majority shareholder of Castrol India. Notably, the aforesaid divestment will neither affect any of Castrol India’s staff or customers nor its existing contracts. BP’s focus on operations in India remains unaffected. The company intends to grow its business in the region along with improving upstream natural gas developments as well as downstream opportunities. The company also strives to enhance its lubricants business in the nation.
India is a key market in Castrol’s portfolio that offers enormous scope for growth. The region is in fact the principal element of its global lubricants business. BP has about 8,500 people in the oil, gas, lubricants and petrochemicals businesses in its employment, which makes it the largest international oil company in India.
BP’s other activities in the nation include its gas value chain alliance with Reliance Industries Ltd., Castrol lubricants; the licensing of competitive petrochemical technologies; oil and gas trading; IT, procurement and financial services for global operations; staffing and training for its global marine fleet; and the recruitment of skilled Indian employees for its global businesses.
BP is one of the world's major energy companies that provides its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. Previously, the company used to report earnings through three segments: Exploration and Production, Refining and Marketing, and Other Businesses and Corporate.
Currently, BP carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include CVR Refining, LP , Murphy USA Inc. (MUSA - Free Report) and Braskem S.A. (BAK - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
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BP's Subsidiary Divests Part of Holding in Castrol India
Oil giant BP plc’s (BP - Free Report) wholly owned affiliate, Castrol Limited, has successfully farmed out part of its holding in Castrol India.
Castrol Limited divested about 11.5% from the 71% stake it held in Castrol India to various domestic and international investors. The remaining 29% of the company is held by a range of investors. Castrol India is listed on the Mumbai Stock Exchange and the National Stock Exchange.
BP, through Castrol Limited, plans to remain the majority shareholder of Castrol India. Notably, the aforesaid divestment will neither affect any of Castrol India’s staff or customers nor its existing contracts. BP’s focus on operations in India remains unaffected. The company intends to grow its business in the region along with improving upstream natural gas developments as well as downstream opportunities. The company also strives to enhance its lubricants business in the nation.
India is a key market in Castrol’s portfolio that offers enormous scope for growth. The region is in fact the principal element of its global lubricants business. BP has about 8,500 people in the oil, gas, lubricants and petrochemicals businesses in its employment, which makes it the largest international oil company in India.
BP’s other activities in the nation include its gas value chain alliance with Reliance Industries Ltd., Castrol lubricants; the licensing of competitive petrochemical technologies; oil and gas trading; IT, procurement and financial services for global operations; staffing and training for its global marine fleet; and the recruitment of skilled Indian employees for its global businesses.
BP is one of the world's major energy companies that provides its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. Previously, the company used to report earnings through three segments: Exploration and Production, Refining and Marketing, and Other Businesses and Corporate.
Currently, BP carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include CVR Refining, LP , Murphy USA Inc. (MUSA - Free Report) and Braskem S.A. (BAK - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>