The state-run Indian Oil Corp has agreed to sell a 24 percent stake in a joint venture to the US-based partner Lubrizol Corporation.
The transaction will enable Lubrizol to take over the government’s stake in Lubrizol India Pvt Ltd, according to a government statement. When completed, Lubrizol’s ownership in the company will reach 74%.
The move comes as the Indian government plans to divest its interest in public companies.
“The sale will enable IOC to have long term association with its joint venture partner and … Lubrizol India Pvt Ltd (LIPL) to have access to the latest global additive technologies developed by Lubrizol Corporation, USA,” the statement said.
© 2017 David Mazor
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