The Times of India. Indias largest company, the Indian Oil Company, intends to buy a global $2-billion exploration and production firm to gain a foothold in the world oil market.
We are planning to buy a mid-size exploration and production firm, said M.S. Ramachandran, chairman of the state-owned company.
On Thursday the government approved a plan to merge state-run petroleum retailer Indo-Burma Petroleum Company with IOC, which acquired a majority stake of about 54 percent in the firm in 2002.
Indian Oil has also drawn up massive plans for investment in the Middle East and has formed a consortium with British Petroleum to bid for projects to develop existing crude oil fields in Kuwait.
The company is also increasing its investments in and purchases from Iran and Iraq. IOC plans to increase its revenue to $49 billion in 2011 from $29 billion last year.