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Cabinet gives nod to sale of Indian Oil's 24% stake in Lubrizol India

The sale is expected to help Lubrizol India in gaining access to latest global additive technologies

BS B2B Bureau  |  New Delhi 

Engine oil
Engine oil

Cabinet Committee on Economic Affairs (CCEA) has given its approval for the sale of Corporation’s 24 percent stake in India Private Limited to the US-based Corporation.
 
“The CCEA, chaired by the Prime Minister Narendra Modi, gave its in-principle approval to permit Corporation Limited (Indian Oil) to sell its 24 percent equity in one of its joint venture companies, India Private Limited (LIPL) to Corporation, USA (LC), the other joint venture partner,” said the government in a press release.


 
presently owns 50 percent stake in India Pvt Ltd, which is engaged in production of lube After off-loading 24 percent, is expected to bring in latest technology to the country.
 
“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 Corporation, USA,” added the release. 

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Cabinet gives nod to sale of Indian Oil's 24% stake in Lubrizol India

The sale is expected to help Lubrizol India in gaining access to latest global additive technologies

The sale is expected to help Lubrizol India in gaining access to latest global additive technologies Cabinet Committee on Economic Affairs (CCEA) has given its approval for the sale of Corporation’s 24 percent stake in India Private Limited to the US-based Corporation.
 
“The CCEA, chaired by the Prime Minister Narendra Modi, gave its in-principle approval to permit Corporation Limited (Indian Oil) to sell its 24 percent equity in one of its joint venture companies, India Private Limited (LIPL) to Corporation, USA (LC), the other joint venture partner,” said the government in a press release.
 
presently owns 50 percent stake in India Pvt Ltd, which is engaged in production of lube After off-loading 24 percent, is expected to bring in latest technology to the country.
 
“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 Corporation, USA,” added the release. 
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Business Standard
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Cabinet gives nod to sale of Indian Oil's 24% stake in Lubrizol India

The sale is expected to help Lubrizol India in gaining access to latest global additive technologies

Cabinet Committee on Economic Affairs (CCEA) has given its approval for the sale of Corporation’s 24 percent stake in India Private Limited to the US-based Corporation.
 
“The CCEA, chaired by the Prime Minister Narendra Modi, gave its in-principle approval to permit Corporation Limited (Indian Oil) to sell its 24 percent equity in one of its joint venture companies, India Private Limited (LIPL) to Corporation, USA (LC), the other joint venture partner,” said the government in a press release.
 
presently owns 50 percent stake in India Pvt Ltd, which is engaged in production of lube After off-loading 24 percent, is expected to bring in latest technology to the country.
 
“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 Corporation, USA,” added the release. 

image
Business Standard
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