(Reuters) - Lubrizol Corp, the specialty chemicals unit of Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), said on Monday it plans to take majority control of its Indian joint venture with state-run Indian Oil Corp (IOC.NS), boosting its stake to 74 percent from 50 percent.
India’s Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, last Wednesday approved in principle the sale to Lubrizol of 24 percent of Lubrizol India Private Ltd, Lubrizol said.
The Mumbai-based venture makes chemical additives for automotive and industrial lubricants, and the treatment of fuels.
Lubrizol did not disclose the terms of the transaction, but expects to complete the deal in a few weeks. The Wickliffe, Ohio-based company has had a presence in India since 1966.
Berkshire bought Lubrizol for $9 billion in 2011. The Omaha, Nebraska-based parent has more than 90 business units, and Buffett normally lets managers handle day-to-day decisions, including acquisitions.
Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe