Shell Overseas Investments has bought out Bharat Petroleum Corporation's (BPCL) 49 per cent stake in Bharat Shell. Bharat Shell, a 51:49 joint venture between BPCL and Shell, was incorporated in 1993 for marketing Shell's lubricants in the country. | |
| A Shell spokesperson declined to divulge financial details of the deal. |
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| The proposal will have to be cleared by the government and market regulators before a final deal is signed. |
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| The two companies want to focus on their own specific brands in the country's growing lubricant market, a Shell release said. |
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| "This is a great opportunity for enhanced growth in Shell's lubricants business in this emerging and dynamic market. 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," said Vikram Singh Mehta, chairman, Shell India. |
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| The joint venture has an authorised capital of Rs 250 crore and a paid-up capital of Rs 200 crore. Bharat Shell is also marketing LPG to both domestic and industrial consumers. |
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