The 4-member delegation will include an official from Reserve Bank of India (RBI) as well as Oil Ministry, The Hindu Newspaper quoted a senior official as saying.
"The agenda for talks is oil payment and other bilateral and economic issues," he said.
The delegation will leave for Tehran on July 24.
Mehrishi chaired a meeting on the Iranian oil issue which was attended by officials of RBI and Oil Ministry.
Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran's nuclear program.
After coming into force, the comprehensive nuclear deal would terminate all nuclear-related sanctions imposed on Iran.
Lifting of sanctions would open up banking channels and Tehran is likely to seek past oil dues.
Under US pressure, New Delhi had restricted import of Iranian oil at 11 million tons in past two fiscals. But with easing of sanctions, it will look at increasing imports.