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Berkshire's Lubrizol to buy another 24% in India unit from state

Indian Oil's holding in Lubrizol India will fall to 26% after the sale

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Indian Oil is selling to Lubrizol a 24% stake in their joint venture, which will reduce its holdings to 26%.   © Reuters

NEW DELHI -- Lubrizol Corp., a specialty chemicals company owned by billionaire Warren Buffett's Berkshire Hathaway, is increasing its stake to 74% in a joint venture with state-run Indian Oil.

Lubrizol announced its intention on March 20, days after India's Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi permitted Indian Oil, the country's largest refiner and fuel retailer, to sell to its JV partner 24% in Lubrizol India, which makes and markets additive systems for automotive and industrial lubricants, and fuels treatments.

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