Reliance Industries Ltd sells its 76% stake in Gulf Africa Petroleum to Total

The Mukesh Ambani-led RIL subsidiary Reliance Exploration & Production DMCC (REPDMCC), TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.

Reliance Industries Ltd sells its 76% stake in Gulf Africa Petroleum to Total. (Reuters)

Reliance Industries Ltd (RIL) on Wednesday announced completion of the sale process of its entire 76 per cent equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total SA.

The Mukesh Ambani-led RIL subsidiary Reliance Exploration & Production DMCC (REPDMCC), TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction, an RIL release said here.

Also watch:

As per the sale agreement, REPDMCC agreed to divest its stake in GAPCO for cash. The size of the deal, however, was not disclosed.

The assets being acquired include two logistical terminals at Kenya’s Mombasa and at Dar-es-Salaam in Tanzania, as well as a retail network of around 100 service stations.

REPDMCC had, in 2007, acquired 76 per cent stake in GAPCO, a major holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are engaged in petroleum product imports as well as trading, storage, distribution, marketing, supply and transportation of oil products in East Africa, the statement said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.