New Delhi, May 31
Reliance Industries Ltd (RIL) has exited its African fuel retail business by selling its entire 76% stake to Total SA of France for an undisclosed sum.
Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania.
RIL’s overseas arm Reliance Exploration & Production DMCC owned 76% stake in GAPCO while Fortune Oil Corp, Mauritius held the remaining. Total is acquiring stake of both the firms.
“Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of RIL and Total, have executed agreements on May 30, 2016 for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO),” RIL said in a statement.
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions.
It, however, did not disclose the deal size. GAPCO is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania which are primarily engaged in petroleum product import and trading, storage, distribution and marketingof oil products in East Africa. PTI
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