Indian Oil Corp (IOCL), the country’s biggest fuel retailer, is yet to secure state approval to complete the the acquisition of oil and gas company Mercator Petroleum more than four months after the National Company Law Tribunal allowed the sale of the distressed asset.
IOC is awaiting the go-ahead from the Department of Investment and Public Asset Management (DIPAM), which is the administrative platform for controlling government assets. The deal marked a rare acquisition by a public sector company through the insolvency process.
