bp's deal to sell 65% in Castrol triggers open offer for 26% in India arm
This story was originally published at 18:51 IST on 24 December 2025
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--Motion JVCo, Stonepeak make open offer for 26% stake in Castrol India
--Motion JVCo, Stonepeak to buy Castrol India shrs for INR 194.04/shr
NEW DELHI - Motion JVCo Ltd. and US-based alternative investment firm Stonepeak have made an open offer through UBS Securities for 26% stake in Castrol India Ltd. for INR 49.90 billion, the target company said in an exchange filing Wednesday. The open offer was triggered after bp agreed to sell 65% stake in Castrol India's UK-based parent to Stonepeak at an enterprise value of $10.10 billion.
Motion JVCo and Stonepeak's funds have proposed to acquire 257 million equity shares of face value INR 5 in Castrol India, representing 26% stake, for INR 194.04 per share. This is roughly 2.5% higher than Wednesday closing price of INR 189.39 per share on the National Stock Exchange.
Earlier Wednesday, bp announced that its deal with Stonepeak would result in total net proceeds of around $6 billion. Once the deal is completed, a new joint venture will be set up wherein Stonepeak will own 65% in Castrol and bp will hold the rest. bp has the option of selling the remaining 35% stake in Castrol after the lock-in period of two years.
The deal is expected to be completed by the end of 2026. The transaction includes minority interests in Castrol, including bp's 49% interest in Castrol India. For the September quarter, Castrol India had reported a net profit of INR 2.28 billion on a revenue of INR 13.63 billion. End
Reported by Anand JC
Edited by Rajeev Pai
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