Spheroidal colloidal indium tin oxide (ITO) nanoparticles, about 6 nm in diameter, were synthesized in-house and films were fabricated from them on glass substrates by spin coating. These films had high electrical resistivity due to the presence of organic capping ligands around each nanoparticle. Although high temperature annealing has been shown to reduce film resistivity by over eight orders of magnitude, lower temperature processing is desirable for applications like flexible electronics. Colloidal ITO films were subjected to a series of alternating RIE treatments in oxygen (5 minutes duration per cycle) and in argon (1 minute duration per cycle); and parameters such as gas pressure, RIE power and number of cycles were varied. These RIE treatments were found to reduce the film resistivity significantly. Among the parameters studied, gas pressure during RIE was found to be the most important parameter that determined the effectiveness of the treatment. Residual carbon content variation characterization done by XPS depth profiles also indicated similar trends.