The Cabinet Committee on Economic Affairs (CCEA) has provided its approval for the sale of Indian Oil Corporation’s 24 percent stake in Lubrizol India Private Limited to the US based Lubrizol Corporation.

The government has said in a press release that “The CCEA, chaired by the Prime Minister Narendra Modi, gave its in-principle approval to permit Indian Oil Corporation Limited (Indian Oil) to sell its 24 percent equity in one of its joint ventures companies, Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC), the other joint venture partner.”

It added that “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.”

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