Indian Oil to Sell 24% Equity in Lubrizol India Private Limited

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval to permit Indian Oil Corporation Limited (Indian Oil) to sell its 24% equity in one of its Joint Venture Companies, M/s. Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other Joint Venture Partner. The equity sale will enable IOC to have long term association with its joint venture partner and thus LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA. LIPL, where the US firm holds the remaining 76 percent stake, is in the lube additives business.

Indian Oil presently owns 50 percent stake in Lubrizol India Pvt Ltd, which is engaged in production of lube additives. After off-loading 24 percent, Lubrizol is expected to bring in latest technology to the country. LIPL, where the US firm holds the remaining 76 per cent stake, is in the lube additives business. “The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, today gave its in-principle approval to permit IOC to sell its 24 per cent equity in one of its joint venture companies, Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other joint venture partner. The equity sale will enable IOC to have long term association with its joint venture partner and thus LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA. LIPL, where the US firm holds the remaining 76 percent stake, is in the lube additives business.

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