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Publish Date : 05-Nov-2012

India\'s Hinduja Group is close to acquiring US oils and chemicals firm Houghton for US$1.1 billion (S$1.35 billion) as the family-owned conglomerate seeks a tie-up for its lubricants business.

Pennsylvania-based Houghton International, owned by private equity firm AEA Investors, is among the world\'s biggest manufacturers of hydraulic fuels, rust preventatives and lubricants for the automotive and steel sectors.

The deal is expected to be announced soon as most of the terms have been agreed, the Business Standard newspaper quoted a senior unnamed Hinduja official as saying.

\"We are awaiting an announcement as some last-minute negotiations are going on,\" the official said, according to Business Standard.

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