Newsletter
BP is exploring a sale of its Castrol lubricants business, one of the biggest energy M&A moves in play right now. Bidders include Reliance Industries, Saudi Aramco, and PE heavyweights like Apollo, Brookfield, and Lone Star.
The unit could fetch between $8–10 billion, and bankers are already prepping a $4 billion debt package to finance the deal.
The why: Castrol has got deep market reach in India, strong brand equity, and a strategic foothold in emerging tech, thanks to its work on liquid cooling systems for AI data centres.
For Aramco and Reliance, it's a rare chance to expand their downstream footprint in a growing market.
