March 15, 2017 / 3:28 PM / 6 months ago

Indian Oil to sell 24 percent stake in India JV to Lubrizol Corp

NEW DELHI (Reuters) - India’s cabinet gave the go-ahead on Wednesday for state-run Indian Oil Corp (IOC.NS) to sell a 24 percent stake in a joint venture to its U.S.-based partner Lubrizol Corp [BRKLU.UL], 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.

Reporting by Nidhi Verma; editing by Susan Thomas

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