IOC may buy French oil firm

Indian Oil Corporation, India's largest oil refiner, has made a bid to acquire the Paris-based exploration company Maurel & Prom, said a Financial Times report on Wednesday.

FT added that IOC may even buy the French firm's assets in Africa following reports that Maurel & Prom may not go in for an outright sale of all its assets.

Besides IOC, a Chinese oil company too is said to be in the race to acquire the French energy firm's assets.

FT said IOC chairman M S Ramachandran, when asked if the Indian oil major was in exclusive talks with the French firm, replied: "To the best of my knowledge, we are."