The Lubrizol Corp. (Wickliffe, Ohio; www.lubrizol.com) announces its intention to increase its equity in Lubrizol India Private Limited (LIPL), currently a 50-50 joint venture between Lubrizol and Indian Oil Corporation Limited (Indian Oil). Indian Oil has received in-principle approval from the Cabinet Committee on Economic Affairs, chaired by Indian Prime Minister Shri Narenda Modi, to sell part of its ownership stake in the joint venture to Lubrizol. Upon completion of the sale, which is expected to be finalized in a few weeks, Lubrizol will own 74% of LIPL and Indian Oil will own 26%.
“This action is a step forward for our already strong presence in India across our growing product lines in all market segments. And it allows us to continue to provide the high level of products and service our customers expect from us,” says Dan Sheets, president, Lubrizol Additives. “We are also pleased to continue our successful association with Indian Oil as an ongoing partner in the joint venture.”
Lubrizol has had a presence in India since 1966, when the company formed a joint venture with the Government of India. The joint venture was later restructured as LIPL with Lubrizol and Indian Oil as partners. LIPL manufactures and markets additive systems for automotive and industrial lubricants, as well as the treatment of fuels.