Lubrizol had revenues of $5.4 billion and a global workforce of about 6,900 in 2010.
Oracle of Omaha will initially invest Rs 1,177 crore (Rs 11.77 billion) in the venture.
The fate of US $ 245-million (approx. Rs 1,356 crore at current exchange rates) chlorinated polyvinyl chloride (CPVC) unit, proposed to be set up through a joint venture between billionaire investor Warren Buffet's firm, Lubrizol Corporation and Ahmedabad-based Astral Poly Technik Ltd, is hanging in the balance as there is no progress on the project since the announcement was made in September last year.
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