Reliance Industries announced the complete sale of its aggregate stakes of 76% in the East African company, GAPCO, to Total SA of France, on March 29, 2017. However, the sale considerations were not disclosed by the Company.
Based out of Mauritius Island, Gulf African Petroleum Corp (GAPCO) is a holding company with subsidiaries in Tanzania, Kenya and Uganda. The Company exclusively engages in petroleum product import, and the storage, distribution, marketing and transportation of oil products in East Africa, besides owning retail outlets and both onshore and offshore terminals in East Africa.
RIL had acquired equity stakes of 76% in GAPCO in the year 2007.
The sale of RIL's stakes in GAPCO is a joint transaction, as the Company along with the minority shareholders, has sold its entire stakeholdings in GAPCO for an undisclosed sum of cash.
RIL is trading at Rs 1263.50 on the BSE, up by 0.70% as on March 30, 2017 at 10:36 hrs.