Stonepeak Gains Indirect Control of Castrol India Through Promoter Stake

Stonepeak has gained indirect control of Castrol India after its investment vehicle, Motion JVCo, completed the acquisition of Castrol Group Holdings from bp on 30 October 2026. Castrol Limited continues to directly hold 51% of Castrol India. The transaction changes who controls the promoter through the corporate chain.

How the 51% stake fits into the deal

Motion JVCo acquired 100% of Castrol Group Holdings, which in turn owns 100% of Castrol Limited. Castrol Limited remains the promoter and direct holder of its 51% stake in Castrol India. Control of Castrol Limited gives Motion JVCo indirect control over the voting rights attached to that stake.

What interest does bp retain?

bp retains a 35% non-controlling interest in Motion JVCo through a wholly owned subsidiary. That percentage refers to the acquisition vehicle. Castrol Limited’s 51% refers to the shareholding in the Indian listed company.

What has changed for Castrol India?

Castrol India disclosed the transaction’s completion on 2 November 2026. The change affects ultimate control while the direct promoter shareholding continues through Castrol Limited. Product pricing, operations and staffing would each require separate evidence of a change. Future company disclosures will show whether the ownership change leads to a shift in business strategy.