WICKLIFFE, Ohio—Lubrizol Corp., a specialty chemicals company owned by Berkshire Hathaway Inc., announced it plans to take majority control of its Indian joint venture with the state-run Indian Oil Corp.
Lubrizol said in a news release that it intends to raise its stake in the Indian operation to 74 percent from the current 50 percent.
Indian Oil has received approval in principle from India's 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, according to the release.
The sale is expected to be finalized "in a few weeks," Lubrizol said. Financial terms were not disclosed.
The joint venture, which is based in Mumbai and is known as Lubrizol India Private Ltd., makes additive systems for automotive and industrial lubricants, as well as the treatment of fuels.
Lubrizol said in the release that it has had a presence in India since 1966. Berkshire Hathaway, controlled by Warren Buffett, bought Lubrizol for $9 billion in 2011.