State-owned Indian Oil Corporation (IOC) is reportedly planning to acquire a minority stake in a Canadian shale gas and liquefied natural gas project for about $1 billion. The Cabinet is likely to approve this acquisition by end of February 2014. Currently, the company is in advanced talks of negotiations for the assets that include a 10% stake in Progress Energy Resources Corporation. IOC's proposed acquisition would be the third major overseas acquisitions by India's state-run oil firms in the current financial year involving deal size of $1 billion and more.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.