New Delhi will send a business delegation to Tehran in late February to explore how it can increase exports in order to meet payments for Iranian oil, a senior Indian official said on Thursday, Reuters reported.
India Finance Minister Pranab Mukherjee also announced on Sunday that his country will not take steps to cut petroleum imports from Iran despite U.S. and European sanctions against Tehran, MNA reported.
India buys 12 percent of its oil needs from Iran, worth about $12 billion annually.
Last month, Reuters reported that India would pay for some of its oil imports in rupees via an Indian bank.
To meet its oil demand, India could step up exports including in farm products such as wheat, industrial goods and gems and jewelry, the official said.
"You have to devise a mechanism with which you can pay for the import of oil and avoid attracting sanctions," the official said. "We will need to lead a business delegation there, taking potential exporters across a range of sectors, and go out there and talk to their counterparts."