Indian Oil Corporation (IOC) has successfully acquired Mercator Petroleum for approximately Rs 148 crore through an insolvency proceeding. The National Company Law Tribunal, Mumbai Bench, approved IOC’s resolution plan for the purchase, which includes a 100% stake in Mercator Petroleum Limited (MPL). MPL owns an oil and gas exploration block situated in the Cambay Basin, Gujarat. Indian Oil is set to move forward with the Resolution Plan, which will involve fulfilling necessary regulatory requirements and obtaining any required approvals for a smooth implementation.