Atul Chandra, president of Reliance's international operations, said the company could buy in the downstream petrochemicals sector, but it could also be upstream in oil and gas exploration and production.
Chandra declined to comment on a report that Reliance, India's largest refiner, has considered a bid for Innovene, a BP PLC petrochemical business due to be listed by the end of the year.
When Reliance sets its sight on a target, it may consider a listing in a Western financial centre, such as London or New York, Chandra told Dow Jones Newswires.
"But first we need to be there" with operations in this part of the world, he added. Reliance shares gained 1.8 per cent to close at Rs 778.50.