eNews
BP sells majority Castrol stake to Stonepeak in $10bn Deal
MUMBAI: BP has struck a $10 billion deal to sell a 65 per cent stake in Castrol to US investment firm Stonepeak, signalling a decisive pivot in the oil major’s strategy and a fresh chapter for one of the world’s most recognisable lubricant brands.
The agreement, announced on Tuesday, values Castrol at an enterprise value of about $10.1 billion and will see BP pocket roughly $6 billion in net proceeds, including accelerated dividend payments. The cash will be channelled straight into debt reduction as BP sharpens its focus on a leaner balance sheet and a more streamlined portfolio.
Once the deal closes, expected by the end of 2026 subject to regulatory approvals, Castrol will be housed in a new joint venture owned 65 per cent by Stonepeak and 35 per cent by BP. The oil major will retain exposure to Castrol’s growth story while keeping the option to exit fully after a two year lock up period.
For BP, the transaction is another firm step in its $20 billion divestment drive. With completed and announced asset sales now touching around $11 billion, the company is racing towards its target of cutting net debt to between $14 billion and $18 billion by the end of 2027. Net debt stood at $26.1 billion at the close of the third quarter of 2025.
Castrol, founded 126 years ago, remains a steady performer. The business has clocked nine consecutive quarters of year on year earnings growth, underpinned by demand for lubricants across vehicles, machinery and industrial processes worldwide. A sizeable chunk of its minority interests sit in India, where Castrol India is publicly listed.
BP interim chief executive Carol Howle, described the sale as a strong outcome for shareholders. She said the deal unlocks value while allowing BP to continue benefiting from Castrol’s momentum, all while simplifying the group and accelerating delivery of its reset strategy.
Stonepeak, which manages around $80 billion in assets, sees Castrol as a dependable engine of long term value. Stonepeak senior managing director and co head of energy Anthony Borreca, said lubricants remain mission critical products and praised Castrol’s iconic brand and deep market presence.
In short, BP is lightening its load while keeping a foot in a business that still has plenty of mileage left. For Castrol, the change of ownership could mean a faster lane to growth, with a new partner in the driver’s seat and a familiar one still riding shotgun.
eNews
PNB partners Kiwi to launch credit-enabled UPI for users
Targets 180 million customers; RuPay card offers 0.5 per cent to 1.5 per cent cashback
MUMBAI: Swipe, tap, or scan credit is quietly slipping into the rhythm of everyday payments, and Punjab National Bank wants in on the action. The state-run lender has partnered with Kiwi to roll out credit-enabled UPI payments for its 180 million customers, marking a significant push to blend traditional banking with India’s fast-evolving digital payments ecosystem.
At the centre of the collaboration is the launch of the PNB Kiwi Credit Card on the RuPay network. The card is designed with a digital-first approach, offering fully online onboarding and seamless integration with UPI, allowing users to transact via scan-and-pay while accessing credit.
The offering also brings in a rewards layer, with cashback ranging from 0.5 per cent to 1.5 per cent on online transactions, positioning the product as both a convenience play and a spending incentive.
The move comes as UPI continues to dominate India’s digital payments landscape, increasingly blurring the lines between debit-led transactions and credit access. For PNB, which operates over 10,000 branches around 60 per cent in semi-urban and rural areas, the partnership signals a targeted effort to extend formal credit to segments that have traditionally remained underserved.
The collaboration also reflects a broader industry shift, where banks and fintech platforms are converging to embed credit directly into payment flows, reducing friction while expanding access.
With RuPay credit cards gaining traction and UPI evolving beyond peer-to-peer transfers, the PNB–Kiwi tie-up positions both players at the intersection of scale, accessibility, and the next phase of digital finance in India.
