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
bc/bg
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