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Berkshire's Lubrizol to take majority stake in India joint venture

Reuters 

Corp, the specialty chemicals unit of Warren Buffett's Berkshire Hathaway Inc, said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Corp, boosting its to 74 percent from 50 percent.

India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to of 24 percent of Private Ltd, said.

The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.

did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in since 1966.

Berkshire bought for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions.

(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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

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Berkshire's Lubrizol to take majority stake in India joint venture

Lubrizol Corp, the specialty chemicals unit of Warren Buffett's Berkshire Hathaway Inc, said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Oil Corp, boosting its stake to 74 percent from 50 percent.

Corp, the specialty chemicals unit of Warren Buffett's Berkshire Hathaway Inc, said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Corp, boosting its to 74 percent from 50 percent.

India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to of 24 percent of Private Ltd, said.

The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.

did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in since 1966.

Berkshire bought for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions.

(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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

image
Business Standard
177 22

Berkshire's Lubrizol to take majority stake in India joint venture

Corp, the specialty chemicals unit of Warren Buffett's Berkshire Hathaway Inc, said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Corp, boosting its to 74 percent from 50 percent.

India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to of 24 percent of Private Ltd, said.

The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.

did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in since 1966.

Berkshire bought for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions.

(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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

image
Business Standard
177 22