Wed, Oct 18, 2017

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval to permit Indian Oil Corporation Limited (Indian Oil) to sell its 24% equity in one of its Joint Venture Companies, M/s. Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other Joint Venture Partner.

The equity 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.

LIPL, where the US firm holds the remaining 76 percent stake, is in the lube additives business.