India’s Reliance buys majority stake in GAPCO

India’s largest private sector company, Reliance Industries Limited (RIL) on Tuesday acquired a majority stake and management control of Mauritius-headquartered 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. The size of the deal has not been disclosed. With this acquisition, RIL has become the first Indian company to buy petroleum retail assets outside India.

GAPCO 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.