State-owned Oil and Natural Gas Corporation -- India's [ Images ] most valuable company -- is considering making a rebid to acquire PetroKazakhstan, a Canadian oil firm in Kazakhstan.

Although Petrokazakhstan has already accepted a bid by China's CNPC, the deal has to be ratified by the firm's shareholders.

ONGC [ Get Quote ] officials said on Wednesday that the extra-ordinary general meeting of the Petrokazakhstan board is slated for October 18, before which the company can make a revised offer.

China National Petroleum Corp clinched the PetroKazakhstan deal last month, with a winning bid of $4.18 billion against ONGC's offer of $3.98 billion.

ONGC had joined hands with global steel major Mittal Steel to scout for oil property abroad.

The Committee of Secretaries has already given the nod to ONGC Videsh [ Images ] Ltd, the overseas arm of ONGC, to make a counter bid.