Indian Oil buys oil & gas E&P firm for Rs 1.54 bn

27 May 2024 CW Team

Indian Oil Corporation (IOCL) announced that it had acquired Mercator Petroleum (MPL) for Rs 1.54 billion. The acquisition was a continuation of a previous intimation dated November 03, 2023, wherein it was stated that the resolution plan submitted by Indian Oil Corporation (Indian Oil) for acquiring 100 percent stake in Mercator Petroleum (MPL) had been approved by the National Company Law Tribunal, Mumbai Bench, in an order dated November 02, 2023, IOCL stated.

Furthermore, IOCL stated that they would like to further inform that Indian Oil Corporation has acquired Mercator Petroleum (MPL) for a consideration of Rs 1.54 billion.

The approval for the acquisition was obtained by Indian Oil from the Department of Investment and Public Asset Management (DIPAM) on March 13 and from Niti Aayog on April 2. IOCL explained, "MPL had been engaged in the exploration of oil and gas and was a subsidiary of Mercator Ltd. MPL underwent Corporate Insolvency Resolution Process (CIRP) since August 31, 2020. The NCLT passed an order dated November 02, 2023, in favor of Indian Oil as the Successful Resolution Applicant," IOCL concluded.

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