Mukesh Ambani the richest man in India and all of Asia has reportedly set his sights on venturing into the lubricant oil business. According to a report by Bloomberg the Reliance Industries Chairman is eyeing to purchase Castrol-- the lubricant brand owned by British Petroleum. As per the report several major firms including Mukesh Ambani-led Reliance Industries Apollo Global Management Lone Star Funds as well as Saudi Aramco-- the worlds largest oil company-- have expressed interest in purchasing or acquiring a major stake in Castrol lubricants. Other potential buyers include Brookfield Asset Management and Stonepeak Partners even as names of other companies have been kept under the wraps because discussions are still in the initial stage Bloomberg reported. Rs 83000 crore deal Citing sources the report said the potential deal for Castrol could be worth between $8-10 billion (approximately Rs 66400 crore to Rs 83000 crore) adding that initial bids are expected to begin in the coming few weeks and it is likely that several companies may place bids together. Meanwhile banks have expressed willingness to finance the potential Castrol deal with a loan of up to $4 billion which will be made available in different currencies. The loan is likely to include leveraged loans and high yield bonds as per the report. According to experts this could be one of the few major financing deals in the market this year and thus bankers and investors are keeping a close watch. British Petroleum to sell Castrol British Petroleum (BP) has initiated a major restructuring of the company which includes reviewing its lubricant business that operates under the brand name Castrol. US investment giant Elliott Investment Management one of the largest shareholders in BP is reportedly putting pressure on the company to review its businesses amid falling oil prices which may result in the firm selling some of its assets including Castrol. BPs Castrol business makes lubricants for auto and industry in addition to liquid cooling solutions for artificial intelligence (AI) data centers. Experts believe Reliance and Aramco and majorly interested in Castrols operations in fast-growing markets like India.