New Delhi: The country's largest oil firm, Indian Oil Corp (IOC) today unveiled a mega plan to diversify into oil exploration, gas marketing, petrochemicals and overseas refinery and retailing business to become a $ 50 billion company by 2012.

"IOC will figure among the top 100 companies (by revenue) in the world and top 10 oil companies by 2012," IOC director (business development) Naresh K Nayyar told a news conference.

The firm, the sole entry from India in the Fortune Global 500 list of companies, currently ranks 191 in the world.

IOC, which has already begun auto fuel retailing in Sri Lanka and Mauritius, is eyeing retail opportunities in Ghana, Thailand and Indonesia.

It is looking at refinery up-gradation and pipeline business in Iran, Sudan and Nigeria even as it scouts for a mid-size exploration and production company for its foray into the upstream business.

At home, it plans to set up a Rs 6300 crore naphtha cracker project at Panipat and sell re-gasified LNG, imported from Qatar and Iran, IOC chairman M S Ramachandran said.

"We are also exploring taking up equity in Gas Cracker Olefin Project at Bandar Imam and Bandar Assalnyeh in Iran," he said adding IOC was also bidding with British firm BP and Occidental for acquiring Northern Kuwait oil fields.

The company estimates that its revenue from the current business will grow by $ 7.5 billion to $ 36.5 billion in 2012 while forays in petrochemicals and gas business will give $ 3 billion each. Another $ 4.5 billion are anticipated from exports and services while oil exploration and production would give $ 1-3 billion.