State-owned Indian Oil Corporation (IOC) has acquired Mercator Petroleum through an insolvency proceeding for approximately Rs 148 crore. The National Company Law Tribunal approved IOC's resolution plan to acquire 100% stake in Mercator Petroleum, which has an onland oil and gas exploration block in Gujarat. "IOC will implement the Resolution Plan and complete the regulatory processes, including obtaining necessary approvals, if any, for successful implementation of the Resolution Plan," it said.