17 March 2017 Current Affairs: The Cabinet Committee on Economic Affairs (CCEA) gave its approval to permit Indian Oil Corporation Limited (IndianOil) to sell its 24 per cent equity in M/s Lubrizol India Private Limited (LIPL) to Lubrizol Corporation, USA (LC).
The approval was given at a meeting of the CCEA chaired by the Prime Minister Narendra Modi on 15 March 2017 in New Delhi.
The sale will enable the IndianOil to have a long term association with the Lubrizol Corporation.
Indian Oil Corporation Ltd : Indian Oil Corporation (IndianOil) is India's largest commercial enterprise, with a sales turnover of Rs 3,99,601 crore (USD 61 billion) and profits of Rs 10,399 crore (USD 1,589 million) for the year 2015-16.
As India's flagship national oil company, with a 33,000-strong work-force currently, IndianOil has been meeting India’s energy demands for over half a century. Its business interests involve the entire hydrocarbon value-chain including refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil and gas and marketing of natural gas and petrochemicals.
The company accounts for nearly half of India's petroleum products market share and 35 per cent of the national refining capacity.
Having set up subsidiaries in Sri Lanka, Mauritius and the UAE, the corporation is simultaneously scouting for new business opportunities in the energy markets of Asia and Africa.It has also formed about 20 joint ventures, including Lubrizol India Private Limited (LIPL), with reputed business partners from India and abroad to pursue diverse business interests.
The LIPL was formed a joint venture between the IndianOil and the Lubrizol Corporation.
Lubrizol Corporation : It is a market leader in the specialty chemicals industry.
It manufactures products like additives for engine oils and other transportation-related fluids, additives for industrial lubricants and additives for gasoline and diesel fuel.
Lubrizol also makes ingredients and additives for personal care products, pharmaceuticals and medical devices and specialty materials.