The US-based lubricant additives manufacturer along with its new partner Indian Oil Corporation is expected to pump in investments into the venture over the next few years for updating and expanding the existing capacity. The shareholding pattern of 50:50 will, however, remain unaltered.

The board of the restructured company is meeting on March 31 to work out the business plan and requirement for further fund infusion, IOC sources said. Lubrizol International Management Group's director John Battersby is scheduled to take over as the managing director of the restructured LIL.

Lubrizol Corporation chairman and chief executive officer William G Bares said that his company and IOC would together work out future investment plans.

"Now that we have clear ownership position, we will use the opportunity to strengthen our relationship with IOC." The company is also expected to restore transfer of technology to the Indian venture soon. The US-based company had refused to renew technology transfer agreement in 1992-93 given that it held less than 50 per cent stake and that LIL was a government-owned organisation.

"Now that the barriers are removed, we can operate more openly as a private company instead of a PSU," Lubrizol India managing director designate John Battersby said.

IOC sources said the two companies have agreed to sign about eight understandings including one of technology transfer last November.

Other Lubrizol senior executives added that there was no immediate plan to expand the local operation as the facility near Mumbai had room for raising procuction capacity.

Lubrizol executives added that the company was now confident of achieving faster growth. The company is learnt to be targetting a 10 per cent growth per annum.