Lubrizol to Increase Its Equity in Lubrizol India Private Limited
CLEVELAND, March 20, 2017 - The Lubrizol Corporation 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 percent of LIPL and Indian Oil will own 26 percent.
"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.
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a market-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers' products while reducing their environmental impact. It is a leader at combining market insights with chemistry and application capabilities to deliver valuable solutions to customers in the global transportation, industrial and consumer markets. Lubrizol improves lives by acting as an essential partner in our customers' success, delivering efficiency, reliability or wellness to their end users. Technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care, personal care and skin care products and specialty materials encompassing polymer and coatings technologies, along with polymer-based pharmaceutical and medical device solutions.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 8,300 employees worldwide. Revenues for 2016 were $6.5 billion. For more information, visit Lubrizol.com.
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Source: Lubrizol via Globenewswire