Mukesh Ambani plans to buy a big British company for Rs 83000 crore, company is..., bidding to start from...
British energy giant BP is planning to sell its lubricant business, Castrol. According to a report by Bloomberg, BP has already started the process to find a buyer. Castrol is known for making industrial and automotive lubricants and has a strong global presence. As per the report, several large business groups and investment firms have shown interest in buying Castrol and among them is Reliance Industries Limited, owned by billionaire Mukesh Ambani. Other major investment companies like Apollo Global Management and Lone Star Funds are also preparing to take part in the deal.
Citing sources, the report said the potential deal for Castrol could be worth between USD 8-10 billion (approximately Rs 66,400 crore to Rs 83,000 crore), adding that initial bids are expected to begin in the coming few weeks, and it is likely that several companies may place bids together. Why is BP selling Castrol?
BP is selling Castrol as part of its plan to reduce debt. Back in February, the company announced it would sell some of its assets to raise around USD 20 billion by 2027. The sale of Castrol is part of that strategy.
According to reports, BP has already shared early details about the sale with potential buyers, including big names like Brookfield Asset Management and Stonepeak Partners. The deal could fetch BP anywhere between USD 8 to USD 10 billion.
The sale process is still in its early stages, and initial bids are expected in the coming weeks. So far, there's no final decision or confirmed price. There's also talk that Saudi Aramco, the world's largest energy company, might join the bidding. In March, it was reported that Aramco was considering an offer. Some buyers may even team up to make a joint bid. What makes Castrol valuable?
Castrol is well known for producing lubricants for cars and industrial use. In recent years, it has also been developing liquid cooling technology for AI data centers, a field that's gaining a lot of attention as artificial intelligence grows. Reliance Industries other acquisition
Mukesh Ambani's Reliance Industries is also known to have acquired assets in the UK, including the Stoke Park luxury hotel and the toy retailer Hamleys. Reliance Industries is a global conglomerate with diverse interests including petroleum refining, petrochemicals, and retail.
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