The Cabinet Committee
on Economic Affairs, chaired by the Prime Minister ShriNarendra Modi
todaygave its in-principle approval topermit Indian Oil Corporation
Limited (Indian Oil) to sell its 24% 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.
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.