Mukesh Ambani’s Reliance Industries Limited is leading the Indian effort to acquire British oil and energy giant BP, which is on its way to sell the famous lubricant brand, Castrol. With numerous firms already showing their interest in snapping up the globally-recognised brand, the Indian business titan’s company hopes to settle the score, in what is building up to be a potential multimillion-dollar deal.

As part of its solution drive to rise above debt, BP announced in February that it hoped to raise around $20 billion by 2027 by off-loading some of its assets. As has been established, Castrol is now part of that plan. Considering how big of a name Castrol is, major global names are scrambling to one-up the other. According to Bloomberg and other reports, the imminent deal in the making could chalk up a whopping deal worth between $8 billion to $10 billion (around Rs 66,400 crore to Rs 83,000 crore).

Global companies competing with Mukesh Ambani to clinch the Castrol deal

American-based asset management firm Apollo Global Management and private equity firm Lone Star Funds are also in the running to scoop the impressive acquisition. In light of the rising competitive drive, some brands are also expected to join forces for the deal. Initial bids for the same are slated to commence in the coming weeks.

Emerging reports have since also established that BP has already put out details about the sale with potential buyers. The roster includes big names like Canadian-American alternative asset management company, Brookfield Corporation, and American investment firm Stonepeak Partners. Industry speculations have even suggested that the world’s largest energy company Saudi Aramco may also partake in the bidding.

How Castrol could add to Ambani’s Reliance Industries’ value

If Mukesh Ambani‘s Reliance Industries somehow manages to secure the deal in the face of strong competition from around the globe, Castrol will only add to the Indian company’s grand catalogue. The global conglomerate has previously acquired assets in the UK, including the Stoke Park luxury hotel and the toy retailer Hamleys.

Meanwhile, Castrol celebrated its 125th anniversary milestone last year after being founded by Sir Charles Wakefield as then-CC Wakefield & Co Limited in 1899. Though best known for producing lubricants for cars and industrial use, Castrol has honed its global motto of “Onward, Upward, Forward” by developing liquid cooling technology for AI data centres in recent years.