Oil India, is likely to hit the market with an IPO of 10 per cent by October. "We expect Cabinet approval in March-April and the IPO would come within six months after that,” OIL director (finance) T K Ananathkumar said.

The company is engaged in exploration, development, production of crude oil and natural gas, transportation of crude oil and production of LPG. The IPO is not divestment of government equity and so the proceeds of the offer will go to the company.

OIL and IOC are eyeing producing oil assets in Africa, Middle-East, Asia and South America, Ananthkumar said.

“We would like to buy a company or one of its units,” he said, adding the opportunities in Nigeria, Yemen, Libya and Gabon are being explored but refused to give details.

The OIL plans to invest Rs 15,000 crore in the next five years in oil and gas exploration and production and another Rs 2,000 crore in refining, company official said.

“We are scheduled to hold discussions with HPCL on possible participation of OIL in their Bhatinda or Vizag refinery,” he said.

HPCL has already got Lakshmi N Mittal to take 49 per cent stake in the over Rs 16,000 crore Bhatinda refinery project and is looking at accommodating OIL, which too had evinced interest in picking stake in Bhatinda, in expansion of its Vizag refinery.