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RIL buys majority stake in GAPCO

MUMBAI: Reliance Industries on Tuesday said it acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a company that has a significant presence in East Africa in the petroleum downstream sector.

The acquisition has been made through its wholly owned subsidiary, Reliance Industries Middle East, Dmcc (RIME), in the United Arab Emirates. GAPCO, an entity based in East and Central Africa with headquarters in Mauritius, owns and operates large storage terminalling facilities and a retail distribution network in several countries, including Tanzania, Uganda, Kenya. It owns and operates large storage terminals in Dar Es Salaam (Tanzania), Mombassa (Kenya), Kampala (Uganda) and has other well spread depots in East and Central Africa. It operates more than 250 outlets, covering retail and industrial segments, RIL stated in a press release.

Reliance considers the acquisition as strategic in nature.

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