Royal Dutch Shell Plc  .com Rotating Header Image

dnaIndia.com: BPCL to sell 49% stake in Bharat Shell

Wednesday, February 21, 2007  18:55 IST
 
NEW DELHI: Bharat Petroleum Corp Ltd (BPCL), India’s third biggest state-run refiner, on Wednesday said it will sell 49 per cent stake in Bharat Shell Ltd to partner Shell Overseas Investment BV, a unit of Royal Dutch Shell Plc.

“The Board of Directors of the company at its meeting on Wednesday has approved the proposal with regard to sale of 49 per cent of shareholdings held by BPCL in Bharat Shell to Shell Overseas BV,” BPCL said.

Shell in a statement said BPCL and Shell Overseas Investments BV have reached an agreement, subject to regulatory and government approvals for transfer of stake in
Bharat Shell.

“Both the parties recognise the success of their joint venture but believe that the time is right to seek to each focus on their own specific lubricants brands, building these
independently in India, which is an important lubricants growth market,” Shell said.

Neither Shell nor BPCL indicated the sale price.

“This is a great opportunity for enhanced growth in Shell’s lubricants businesses in this emerging and dynamic market” said Vikram Singh Mehta, Chairman, Shell companies in India.

“Shell and Pennzoil branded lubricants are both established in the Indian market and we intend to continue to maintain and invest in both brands in the country,” he added.

Bharat Shell is a joint venture between Shell and Bharat Petroleum for setting up a state-of-the-art lube-oil blending plant at Taloja (outside Mumbai).

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “dnaIndia.com: BPCL to sell 49% stake in Bharat Shell”

Leave a Comment

%d bloggers like this: