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The Cabinet Committee on Economic Affairs (CCEA) gave its approval to permit Indian Oil Corporation Limited (IndianOil) to sell its 24 per cent equity in M/s Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC).
The approval was given at a meeting of the CCEA chaired by the Prime Minister Narendra Modi on 15 March 2017 in New Delhi.
The sale will enable the IndianOil to have a long term association with the Lubrizol Corporation.
About Indian Oil Corporation Ltd
• Indian Oil Corporation (IndianOil) is India's largest commercial enterprise, with a sales turnover of Rs 3,99,601 crore (USD 61 billion) and profits of Rs 10,399 crore (USD 1,589 million) for the year 2015-16.
• As India's flagship national oil company, with a 33,000-strong work-force currently, IndianOil has been meeting India’s energy demands for over half a century.
• Its business interests involve the entire hydrocarbon value-chain including refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil and gas and marketing of natural gas and petrochemicals.
• The company accounts for nearly half of India's petroleum products market share and 35 per cent of the national refining capacity.
• Having set up subsidiaries in Sri Lanka, Mauritius and the UAE, the corporation is simultaneously scouting for new business opportunities in the energy markets of Asia and Africa.
• It has also formed about 20 joint ventures, including Lubrizol India Private Limited (LIPL), with reputed business partners from India and abroad to pursue diverse business interests.
• The LIPL was formed a joint venture between the IndianOil and the Lubrizol Corporation.
About Lubrizol Corporation
• It is a market leader in the specialty chemicals industry.
• It manufactures products like additives for engine oils and other transportation-related fluids, additives for industrial lubricants and additives for gasoline and diesel fuel.
• Lubrizol also makes ingredients and additives for personal care products, pharmaceuticals and medical devices and specialty materials.
What: Approved by the CCEA
When: 15 March 2017