India's cabinet gave the go-ahead on Wednesday for state-run Indian Oil Corp to sell a 24 percent stake in a joint venture to its U.S.-based partner Lubrizol Corp, a government statement said.
IOC held a 50 percent stake in the joint venture, Lubrizol India Pvt Ltd, according to the company's 2015-16 annual report. The joint venture makes chemical additives for lubricants.
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, the government statement said.
