Larsen and Toubro Ltd, is ready to make foray in the Brazilian market with the aim to discover chances in the country's oil and gas segment.

Besides, India's biggest engineering and construction company is also eyeing the Indian banking segment when laws permit the admission of novel private players.

State-run Indian Oil Corporation (IOC) has revealed its plans to acquire a sugar mill, and construct a refinery in Brazil to produce ethanol.

According to sources, India’s ethanol production was likely at 2,730 million litres in the year to September 2008, down from 2,900 litres a previous year.

According to reports, India imports 70% of the oil it consumes and heavily discounts fuel sales.