Energy major Reliance Industries Ltd has submitted a $2 billion expression of interest for private Canadian firm Value Creation Inc, a television channel reported on Friday.
The Canadian firm holds oil sands assets, CNBC TV18 said.
A Reliance spokesman said he had no immediate comment.
Reliance, India's largest listed company with interests in petrochemicals, refining, oil and gas exploration, and retail, is already looking to buy bankrupt petrochemicals maker LyondellBasell for around $13.5 billion.
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The Canadian firm holds oil sands assets, according to CNBC TV18