Cabinet nod for sale of 24% equity in Lubrizol India

New Delhi March 15 (IANS) A Union Cabinet panel on Wednesday approved the sale of 24 per cent equity holding in Lubrizol India Private Ltd by state-run Indian Oil Corp to Lubrizol Corp. of US.

The Cabinet Committee on Economic Affairs today (Wednesday) gave in-principle approval to permit Indian Oil Corporation (IOC) to sell its 24 per cent 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 a Petroleum Ministry release said here.

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 it added.

--IANS
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