IOCL acquires Mercator Petroleum for Rs 1.48 billion

IOCL has fully acquired Mercator Petroleum for about Rs 1.48 billion in an insolvency proceeding. The company will pay Rs 1.35 billion to secured financial creditors, who had admitted claims of Rs 2.91 billion. No payment has been provided for unsecured financial creditors, who had admitted claims of Rs 1.18 billion. The resolution plan offers Rs 0.05 billion to operational creditors against their total admitted claims of Rs 0.73 billion.