The Economic Times daily newspaper is available online now.

    Cabinet okays sale of IOC's 24% stake in Lubrizol India

    Synopsis

    Lubrizol India Pvt Ltd (LIPL) is soon to have access to the latest global additive technologies developed by Lubrizol Corporation, USA.

    PTI
    NEW DELHI: The Cabinet today approved sale of state-owned Indian Oil Corp's (IOC) 24 per cent stake in Lubrizol India Pvt Ltd to Lubrizol Corporation, USA for an undisclosed sum.

    "The sale will enable IOC to have long term association with its joint venture partner and ... Lubrizol India Pvt Ltd (LIPL) to have access to the latest global additive technologies developed by Lubrizol Corporation, USA," an official statement said.

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

    "The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, today gave its in-principle approval to permit IOC to sell its 24 per cent equity in one of its joint venture companies, Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other joint venture partner," the statement said.


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more
    The Economic Times

    Stories you might be interested in