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Sale of 24% equity in Lubrizol India by Indian Oil to Lubrizol Corporation, USA approved

Mar 16, 2017 12:21 IST

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union cabinet IndianOil lubrizol 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.

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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.

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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.

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Read more Current Affairs on: CCEA , Narendra Modi , IndianOil , LIPL , Lubrizol , Deals in energy sector
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