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Cabinet nod for sale of 24% equity in Lubrizol India

IANS  |  New Delhi 

A Union Cabinet panel on Wednesday approved the sale of 24 per cent equity holding in Lubrizol Private Ltd by state-run Corp to Lubrizol Corp. of US.

"The Cabinet Committee on Economic Affairs today (Wednesday) gave in-principle approval to permit Indian Corporation (IOC) to sell its 24 per cent equity in one of its joint venture companies, M/s. Lubrizol Private Limited (LIPL), to Lubrizol Corporation, USA (LC), the other joint venture partner," a Petroleum Ministry release said here.

"The 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," it added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 21:12 IST