The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi today gave its in-principle approval to permit 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.
Indian Oil Corporation (IndianOil) is India's largest commercial enterprise, with a sales turnover of Rs. 3,99,601 crore (US$ 61 billion) and profits of Rs. 10,399 crore (US$ 1,589 million) for the year 2015-16.
Over one year period IOC has generated almost 85% returns.