Indian Oil acquires 100% stake in MPL

New Delhi: Indian Oil Corporation Limited (IndianOil) acquisition of a 100% stake, about Rs 148 crore in Mercator Petroleum Limited (MPL) has been approved by the Hon’ble National Company Law Tribunal, Mumbai. Bench vide its order dated 2nd November 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016.

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MPL is having oil and gas exploration block located in Cambay Basin, Gujarat. IndianOil will implement the Resolution Plan and complete the regulatory processes, including obtaining necessary approvals, if any, for successful implementation of the Resolution Plan.

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IndianOil cautions that the forward-looking statements are based on reasonable assumptions and no assurance can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed.

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