Cabinet approves sale of 24% equity holding in Lubrizol India Private Limited by Indian Oil to Lubrizol Corporation, USA

Press Information Bureau

Government of India

Cabinet Committee on Economic Affairs (CCEA)

15-March-2017 19:59 IST

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister ShriNarendra Modi todaygave its in-principle approval topermit 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 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.

*****

AKT/VBA/SH