Indian Oil Corporation (IOC), the country’s leading oil refining and marketing public sector undertaking, has been granted approval by the National Company Law Tribunal (NCLT), Mumbai Bench, for its proposed acquisition of Mercator Petroleum Limited.
The NCLT has given its nod to IOC’s resolution plan, which involves acquiring a 100% stake in Mercator Petroleum Limited (MPL), under the provisions of the Insolvency and Bankruptcy Code, 2016.
MPL owns an oil and gas exploration block in the Cambay Basin, Gujarat. The IOC has stated that it will carry out the Resolution Plan and complete the necessary regulatory procedures, including obtaining any required approvals, to effectively implement the Resolution Plan.
While the financial specifics of the transaction have not been revealed, this acquisition is seen as a part of IOC’s ongoing strategy to broaden its portfolio and consolidate its market position.
Indian Oil Corporation is expected to bolster its capabilities and extend its reach in the industry, marking a strategic milestone in the oil and gas sector.