State-owned Oil India Ltd (OIL), with a liquidity of Rs 6,500 crore, has drawn special plans for exploration, development, production and transportation of crude oil and natural gas, reserving Rs 4,500 crore for next two years.

The public sector undertaking, going for an IPO on September 7, has been eyeing acquisitions and mergers, besides offering oil field services to other companies under its revised plans.

OIL, currently having 7,800 employees, is also planning to raise its headcount, recruiting new staff for engineering and other activities. The company is well-established in India, and it has also presence in eight countries - such as Libya, Nigeria, Gabon, Egypt, Iran, Timor Leste and Yemen - with 19 crude oil blocks and nearly 30 hydrocarbon fields.

The company may also roll out services for city gas distribution (CGD), and is likely to bid for next round of CGD bidding. General Manager (HR & BD), OIL, N K Bharali said: "For the city gas business, OIL has signed MoU with GAIL, IOC and BPCL."

N K Agarwal, Group General Manager (Audit), OIL, expected a better future for the five decade-old company, expressing satisfaction over its upward growth trend.