Cabinet gives nod to sale of Indian Oil's 24% stake in Lubrizol India

Cabinet Committee on Economic Affairs (CCEA) has given its approval 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 approval to permit Indian Oil Corporation Limited (Indian Oil) to sell its 24 percent 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 percent stake in Lubrizol India Pvt Ltd,