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Cabinet okays sale of IOC's 24 pc stake in Lubrizol India

Press Trust of India  |  New Delhi 

The Cabinet today approved sale of state-owned Indian Corp's (IOC) 24 per cent stake in Lubrizol Pvt Ltd to Lubrizol Corporation, for an undisclosed sum.

"The sale will enable to have long term association with its joint venture partner and ... Lubrizol Pvt Ltd (LIPL) to have access to the latest global additive technologies developed by Lubrizol Corporation, USA," an official statement said.

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 Modi, today gave its in-principle approval to permit to sell its 24 per cent equity in one of its joint venture companies, Lubrizol Private Limited (LIPL) to Lubrizol Corporation, (LC), the other joint venture partner," the statement said.

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

First Published: Wed, March 15 2017. 20:51 IST