UK-based energy major bp has reached an agreement to sell its 65 percent shareholding in Castrol to investment firm Stonepeak at an enterprise value of USD 10.1 billion. The deal follows a strategic review of the lubricants business and is expected to result in net proceeds for bp of approximately USD 6 billion.

The transaction includes USD 0.8 billion as a pre-payment of future dividend income on bp’s retained 35 percent stake. The valuation represents an enterprise value to EBITDA ratio of approximately 8.6x. Following the sale, a new joint venture will be formed with Stonepeak holding the majority interest and bp retaining 35 percent.

The sale is a component of bp's USD 20 billion divestment programme. To date, the company has announced or completed divestments totalling USD 11 billion.

Proceeds from the Castrol transaction will be used to reduce bp’s net debt, which stood at USD 26.1 billion at the end of the third quarter of 2025. The company aims to reach a net debt target of USD 14–18 billion by the end of 2027. bp has a two-year lock-up period on its remaining 35 percent stake, after which it has the option to sell.

Carol Howle, interim CEO, bp, said, “Today’s announcement is a very good outcome for all stakeholders. We concluded a thorough strategic review of Castrol, that generated extensive interest and resulted in the sale of a majority interest to Stonepeak. The transaction allows us to realise value for our shareholders, generating significant proceeds while continuing to benefit from Castrol’s strong growth momentum. And with this, we have now completed or announced over half of our targeted USD 20bn divestment programme, with proceeds to significantly strengthen bp’s balance sheet. The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan. And we are doing so with increasing intensity – with a continued focus on growing cash flow and returns and delivering value for our shareholders.”

Anthony Borreca, Senior Managing Director, Stonepeak, said, “Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world. Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”

The transaction is expected to complete by the end of 2026, subject to regulatory approvals. bp stated that the move allows the company to simplify its portfolio and focus its downstream operations on integrated businesses.

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The Society of Indian Automobile Manufacturers (SIAM) organised the 4th International Conference on Sustainable Circularity today at the India Habitat Centre. The event, part of SIAM Sustainable Mobility Week 2026, focused on the transition to an automotive circular economy through policy, innovation and industry collaboration.

The conference addressed the lifecycle of automotive production, including eco-design, material use, recycling systems and regulatory alignment. A context paper titled ‘Accelerating India’s Transition to an Automotive Circular Economy’ was released during the proceedings.

The event saw discussions highlighting the expansion of India's scrapping infrastructure. There are currently between 125 and 130 Registered Vehicle Scrapping Facilities (RVSFs) operational across the country. Officials noted that while technology for recycling exists, challenges remains regarding traceability, policy clarity and the informal sector.

Key priorities identified for the sector include:

• 3R Framework: Implementation of schemes to reduce resource use, reuse components, and recover materials.
• Extended Producer Responsibility (EPR): Strengthening regulations to manage vehicle end-of-life.
• Digital Tracking: Improving the monitoring of vehicles to assist in disposal planning.
• Automated Testing: Expanding Automated Testing Stations to increase the flow of End-of-Life Vehicles (ELVs) to formal recyclers.

Mahmood Ahmed, Additional Secretary, Ministry of Road Transport and Highways, said, “We have a larger responsibility to meet the needs of the country. Our regulations and standards are aligned to reduce emissions, improve fuel efficiency, and promote cleaner fuels. The Vehicle Scrapping Policy, is a major step forward and the ecosystem is now developing with nearly 125 to 130 Registered Vehicle Scrapping Facilities operational.”

Prashant K Banerjee, Executive Director, SIAM, stated, “We must address air quality and vehicle end of life management, especially in Delhi NCR. ELV feed to Registered Vehicle Scrappage Facilities (RVSFs) needs to be increased. Documentation gaps with previous owners, especially for two-wheelers, and pending issues like unpaid challans, insurance and road tax must be resolved urgently.”

Vikram Kasbekar, Executive Director and CTO, Hero MotoCorp, added, “The development of Registered Vehicle Scrapping Facilities is key to a sustainable mobility ecosystem. Initiatives like PM E-Drive have strengthened the industry and sped up readiness. Engaging non-registered recyclers constructively will help formalise processes.”

The event featured sessions on material innovation and the role of startups in recycling. Participants discussed the use of copper, tyre recycling and carbon business models. The consensus among attendees was that circularity must be integrated into initial product design rather than being treated solely as a post-consumer activity.

The Sustainable Mobility Week concludes on 19 February with the 1st International Conference on Automotive Material Compliance and Sustainability.

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Audi is set to make its highly anticipated debut as a factory team in Formula 1 this March, and to mark the occasion, it is launching a comprehensive new merchandise line. Developed in partnership with adidas, the adidas x Audi Revolut F1 Team collection will be available to the public starting 19 February 2026. The initiative is designed to galvanise a global community and attract new followers to the brand by offering a tangible connection to its motorsport project.

The partnership has produced a diverse range of over 160 products, structured into two primary categories. The first is official teamwear, which features high-performance functional clothing unveiled in Berlin this January. This line incorporates advanced adidas technologies and is meticulously engineered for the specific demands of the team's personnel. This includes race-ready athletic wear for drivers Nico Hülkenberg and Gabriel Bortoleto, ergonomic and stylish garments for engineers during long stints at the track and durable, function-focused attire for the mechanics.

Complementing this is a dedicated fanwear collection aimed at a wider audience. Designed for everyday wear, it spans T-shirts, hoodies, jackets and footwear, blending modern lifestyle aesthetics with sportswear comfort. The fan range includes core essentials in the team’s primary colours to express team identity, as well as elevated pieces with subtle branding for a contemporary look. Exclusive merchandise for the two drivers is also featured. Throughout the season, limited-edition special drops will be introduced, celebrating the team's evolving identity and culture.

The entire collection draws its aesthetic from the Audi R26 race car. The teamwear features subtle grey and chalk tones inspired by the car’s titanium-coloured paintwork, while red accents serve as a unifying element, reflecting Audi’s broader visual identity in the championship. From 19 February 2026, fans will be able to purchase the collection through the team’s new e-commerce platform, as well as from adidas and select retail partners.

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Rapido has launched a new brand identity, transitioning from its bike-taxi origins to a multi-modal mobility ecosystem. The refresh features a wordmark-focused logo that replaces the company's original bike-centric imagery to reflect its expanded service portfolio.

The rebranding follows Rapido’s diversification into various transport and travel sectors. The platform currently facilitates over 5 million rides daily across 400 cities and has surpassed 50 million total rides.

The unified app now integrates several transport modes and adjacent services, including bike taxis, auto-rickshaws & cabs, parcel deliveries and integrated OTA services for flights, hotels, buses and trains.

Rapido has established a presence in Tier 2 and Tier 3 markets, functioning as a livelihood platform for over 3 million captains. The company utilises a SaaS-driven framework to manage its independent workforce and transport categories.

Pawandip Singh, Chief Marketing Officer, Rapido, said, “Our new brand identity is a milestone that mirrors the scale and diversity of the millions of journeys we facilitate every day. Rapido has always stood for simplifying travel and making it affordable for all. By evolving our visual language, we are reinforcing our promise to be the 'Wheels of Bharat' – moving beyond our origins to provide a truly integrated, homegrown solution that connects every Indian from the first mile to the last, and every getaway in between.”

The new identity will be implemented across the Rapido app, captain ecosystem and digital platforms over the coming weeks.

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Japanese automotive major Honda Motor Co., has announced organisational and operational changes effective 1 April 2026. The restructuring aims to enhance the company's ability to respond to market trends and deliver technologies within its automobile, motorcycle and power products divisions.

The research and development functions currently held within Automobile Development Operations and the SDV (Software-Defined Vehicle) Business Development Unit will be transferred to Honda R&D Co.

Since 2020, Honda has operated production model development and future technology research as separate entities. The new structure integrates the process from technology selection to market launch into a single flow. This change is intended to increase speed and flexibility in responding to the business environment.

Honda will disband the SDV Business Development Unit and reorganise its Automobile Business Strategy and Sales Units into two new entities: the Business Strategy Unit and the Regional Business Unit.

These changes are designed to:

• Improve automobile business profitability.
• Enhance product planning and sales based on customer needs.
• Strengthen product competitiveness over the mid-to-long term.

The company will integrate sales, business strategy and product development functions for its electric and internal combustion engine (ICE) businesses. Previously, these were managed separately. As the electrification strategy enters the execution stage, this integration aims to optimise resource allocation and support carbon neutrality goals.

Through these changes, Honda intends to accelerate corporate transformation through electrification and intelligent technologies to maintain a distinctive presence in the global market.

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