Indian Oil to sell 24% stake in India JV to Lubrizol Corp

The Union cabinet gave the go-ahead for state-run Indian Oil Corp to sell a 24% stake in a joint venture to its US-based partner Lubrizol Corp


IOC held a 50% stake in the joint venture, Lubrizol India Pvt Ltd, according to the company’s 2015-16 annual report. Photo: Bloomberg
IOC held a 50% stake in the joint venture, Lubrizol India Pvt Ltd, according to the company’s 2015-16 annual report. Photo: Bloomberg

New Delhi: India’s cabinet gave the go-ahead on Wednesday for state-run Indian Oil Corp to sell a 24% stake in a joint venture to its US-based partner Lubrizol Corp, a government statement said.

IOC held a 50% stake in the joint venture, Lubrizol India Pvt Ltd, according to the company’s 2015-16 annual report. The joint venture makes chemical additives for lubricants. Reuters

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