Reliance Industries completes 76% stake sale in Gapco to Total
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Mumbai: Reliance Industries Ltd (RIL) on Wednesday said it has completed the sale of its entire 76% stake in African fuel retailer Gulf Africa Petroleum Corp. (Gapco) to Total SA of France for an undisclosed sum.
RIL had announced the sale last June. Stake in Gapco was held by RIL’s indirect wholly owned unit Reliance Exploration and Production DMCC, which acquired the stake in Gapco in 2007.
“Pursuant to the sale agreements signed by REPDMCC for the sale of the entire 76% interest held by it in Gapco, REPDMCC, Total and Gapco have obtained requisite regulatory approvals, consents and successfully completed the sale transaction,” RIL said in a press statement issued on Wednesday.
Gapco is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in east Africa.