2017-2018 Exhibitions
Lubrizol to increase equity in LIPL, its jv with Indian Oil
Ohio-headquartered Lubrizol, a Berkshire Hathaway company, is increasing its equity in Lubrizol India Private Limited (LIPL), currently a 50:50 joint venture (jv) between Lubrizol and Indian Oil Corporation Limited (Indian Oil). Indian Oil has received in-principle approval from the Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Shri Narenda Modi, to sell part of its ownership stake in the jv to Lubrizol. Upon completion of the sale, which is expected to be finalised in a few weeks, Lubrizol will own 74% of LIPL and Indian Oil will own 26%.
Lubrizol has had a presence in India since 1966, when the company formed a jv with the Government of India; and which was later restructured as LIPL with Lubrizol and Indian Oil as partners. LIPL manufactures and markets additive systems for automotive and industrial lubricants, as well as the treatment of fuels.
(PRA)
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