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