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.
India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to Lubrizol of 24 percent of Lubrizol India Private Ltd, Lubrizol said.
The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.
Lubrizol 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 India since 1966.
Berkshire bought Lubrizol 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)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app