Cabinet Agrees to Sale of Indian Oil's 24 per cent stake in Lubrizol India
New Delhi, India: Cabinet Committee on Economic Affairs (CCEA) has announced that it has given its sanction for the sale of Indian Oil Corporation's 24 percent stake in Lubrizol India Private Limited to the US-based Lubrizol Corporation.

"The CCEA, chaired by the Prime Minister Narendra Modi, gave its in -principle consent to permit Indian Oil Corporation Limited (Indian Oil) 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," said the government in a press release.

Indian Oil presently owns 50 per cent stake in Lubrizol India Pvt Ltd, which is engaged in production of lube additives. After off-loading 24 percent, Lubrizol is anticipated to bring in latest technology to the country.

"The sale will facilitate IOC to have long term association with its joint venture partner and thus LIPL to have access to the cutting-edge global additive technologies developed by Lubrizol Corporation, USA."