Indian Oil acquires oil & gas E&P company for Rs 154 cr

New Delhi: State-run Indian Oil Corporation Limited (IOCL) has acquired Mercator Petroleum Limited (MPL) for Rs 154 crore, the oil retailer told the bourses in a regulatory filing on Friday. “This is in continuation of our intimation dated November 03, 2023 wherein it was informed that the resolution plan submitted by Indian Oil Corporation Limited (Indian Oil) for acquisition of 100 percent stake in Mercator Petroleum Limited (MPL) was approved by the Hon’ble National Company Law Tribunal, Mumbai Bench vide its order dated November 02, 2023,” said IOC.

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“In this regard, we would like to further inform that Indian Oil Corporation Limited has acquired Mercator Petroleum Limited (MPL) for a consideration of Rs 154 crore,” the document said.

Indian Oil received an approval from the Department of Investment and Public Asset Management (DIPAM) on March 13 and Niti Aayog on April 2. “MPL had been in the business of exploration of oil and gas and was a subsidiary of Mercator Ltd. MPL went under CIRP since 31.08.2020. NCLT passed order dated 02.11.2023 in favour of Indian Oil as the Successful Resolution Applicant,” said IOCL.

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