An Indian consortium led by the country's largest explorer, Oil and Natural Gas Corporation (ONGC) Videsh is ready to invest nearly $11 billion for development of a giant Iranian natural gasfield and build the infrastructure to export the fuel if it gets guarantee on a 'reasonable return' from the project, said a report.

The consortium, which includes Indian Oil Corp and Oil India, India's largest explorer, has been trying to secure development rights to the Farzad-B gas field since at least 2009, said an Iran Daily News report.

The two countries had aimed to conclude a deal by February on developing the field, which India has said holds reserves of almost 19 tcf.

India’s ONGC Videsh can invest close to $6 billion on the Farzad-B field and spend the remaining amount to build a liquefied natural gas export facility, stated the report citing Narendra Kumar Verma, managing director of the overseas investment unit of ONGC.

The group is eyeing a return of about 18 per cent from the deal, he stated.

Also as per the ONGC offer, Indian companies are willing to buy all the gas exported from the project.

Iran's deputy Oil Minister Amirhossein Zamani-Nia said last month discussions with the Indian side on Farzad-B were continuing and have “very much advanced”.

He added that Iran was also in discussions with Russia's Gazprom on Farzad fields.

ONGC Videsh and Indian Oil each own 40 per cent interest in the Farsi block that holds Farzad-B field, while Oil India has a 20 per cent stake, stated the report.