The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi today gave its in-principle approval to permit the Indian Oil Corporation Limited (IOCL) to sell its 24 percent equity in one of its Joint Venture Companies, Lubrizol India Private Limited (LIPL) to its other joint venture partner Lubrizol Corporation, USA (LC).
The sale will enable the IOC to have long term association with its joint venture partner and thus, the LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA.
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