State-owned Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding, according to regulatory filings by the company.
“The resolution plan submitted by IOC for the acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench vide its order dated November 2, 2023, under the relevant provisions of the Insolvency and Bankruptcy Code, 2016,” the firm said in the filing.
MPL has an on-land oil and gas exploration block in Cambay Basin, Gujarat.
