No delay over IOC-Mercator petroleum deal: DIPAM

• Posted in OilGas
• on March 18, 2024
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The Department of Investment and Public Asset Management (DIPAM) has clarified that its approval was not sought for Indian Oil Corp’s acquisition of Mercator Petroleum Ltd through the insolvency process and that there was no delay on its part that affected closing of the transaction

Responding to a March 13 ET report that said IOC’s Mercator buyout was held up due to a delay in getting DIPAM’s approval, the department said Mercator informed it about the deal on February 6. Following this, the department explained its position to Mercator and the Ministry of Petroleum and Natural Gas (MoPNG) on February 7, it said. “Thereafter, the proposal was received from MoPNG only for information to DIPAM and as such no nod of DIPAM was sought in the process, which was noted,” the department said.

IOC, the country’s biggest fuel retailer, has yet to complete the acquisition of oil and gas company Mercator, more than four months after the National Company Law Tribunal allowed the sale of the distressed asset.

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