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New Delhi March 1 Oil India Ltd (OIL) hopes to tap the capital market by October. OIL, Director (Finance), Mr T.K. Ananth Kumar, said the company has proposed a 10 per cent float to the Government and hoped to get the mandatory approvals by March-April this year.

"We hope to get approval by March-April and six months from then we hope to come out with an IPO," he said.

The company expects to mop up at least Rs 1,500 crore through the IPO, he told newspersons on the sidelines of a conference organised by Petrofed to discuss the implications of the Budget on the oil and gas industry. Government currently owns about 98 per cent equity stake in the unlisted OIL. The proceeds from the IPO would be used for the company's exploration and production activities for the next five years.

Acquisition plans

OIL is also looking at the acquisition of small to medium-sized exploration and production companies overseas. "We are keen on expanding our overseas portfolio. We are scouting for opportunities with our partner Indian Oil Corporation," he said.

OIL and Indian Oil are looking to acquire producing oil assets in Africa, West Asia, Asia and South America, Mr Ananth Kumar said.

He also said that the company planned to invest Rs 15,000 crore in the next five years in its core competence of oil and gas exploration and production and another Rs 2,000 crore in its downstream forays into refining. ``We are scheduled to hold discussions with Hindustan Petroleum Corporation Ltd (HPCL) this month on possible participation of OIL in their Bhatinda or Visakhapatnam refinery," he said.

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