BPCL sells 49% stake in BSL to Shell

New Delhi, Feb 21 (UNI) Bharat Petroleum Corporation Ltd (BPCL) today said it will sell its 49 per cent shareholding in Bharat Shell Ltd (BSL) to Shell.

''This is a great opportunity for enhanced growth in Shell's lubricants businesses 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,'' Shell Companies (India) Chairman Vikram Singh Mehta said.

A joint venture company with Shell Overseas Investments, BSL will require the time for final approval of the agreement which is a matter for the regulatory and Government authorities, a statement said.

UNI