Castrol India appoints Deepesh Baxi as new CFO and Wholetime Director

Mumbai, 1 December 2020: Castrol India Limited, India’s leading automotive lubricants company, today announced that Deepesh Baxi will succeed Rashmi Joshi as Chief Financial Officer (CFO) and Wholetime Director, as she steps down from her current position on 31 December 2020. 

Deepesh who is currently Financial Controller for Castrol’s businesses globally will take up the role and join the Board on 1 January 2021. Rashmi will move to another leadership position in bp after having served Castrol India for seven years as CFO and Wholetime Director. Rashmi and Deepesh will work together between now and the end of December to ensure a seamless transition.

Castrol India Chairman Mr R Gopalakrishnan said, “Rashmi has played a key leadership role offering financial stewardship and strategic insights to the business as it undertook several successful transitions during her tenure as CFO. On behalf of the Board, I would like to thank Rashmi for all she has done for Castrol India and extend a warm welcome to Deepesh.”

Sandeep Sangwan, Managing Director, Castrol India added, “Having worked with Rashmi for close to a year now, I value her financial expertise, strategic guidance and commitment to strengthen the financial health of the business. I wish her success in her new role and look forward to working with Deepesh who will bring his rich, cross-cultural global experience to lead the strategic financial agenda for Castrol India.”  

Deepesh is a Chartered Accountant with over two decades of industry and consulting experience, having spent the last 18 years in various roles within bp. He is also an alumnus of Indian Institute of Management (IIM), Ahmedabad and a Certified Internal Auditor (CIA) from Institute of Internal Auditors, USA. He has worked in international markets including UK and Asia Pacific in several leadership roles spanning across finance, strategy, M&A, planning, audit, risk & compliance as well as business transformation.  

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About Castrol India: Castrol, is one of the world’s leading lubricant brands and has a proud heritage of innovation and fuelling the dreams of pioneers. Castrol India Limited is one of India’s leading lubricants company and has established itself as a pioneer and innovator in the Indian lubricants industry. Its iconic brands such as Castrol CRB, Castrol GTX, and in more recent times power brands like Castrol Activ, Castrol MAGNATEC and Castrol VECTON, are used by millions of consumers and customers across the country. The company also has a presence in select segments like High Performance Lubricants and metalworking fluids in industries as varied as automotive manufacturing to mining to machinery and wind & energy.

Castrol India has a large manufacturing and distribution network in India with three manufacturing plants and a distribution network of 350 distributors who sell to consumers and customers through over 100,000 retail outlets. Castrol sub-distributors also reach additional outlets in rural markets whilst Castrol India also directly services over 3,000 key institutional accounts.

Besides providing world-class products and services, Castrol India is focused on safety, compliance and quality as its number one priority.

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