April 25, 2026 12:33 pm (IST)
Follow us:
Reliance signs agreements for sale of its interest in GAPCO
Mumbai, May 31 (IBNS): Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of Reliance Industries Limited (RIL) and Total, have executed agreements on Monday for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO).
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions.
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.
Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa, which now operates 108 retail outlets and owns 260 TKL of storage capacity.
REPDMCC’s agreement to sell its interest in GAPCO is part of a joint transaction, wherein both REPDMCC and the Minority Shareholder have agreed to sell their entire respective holdings in GAPCO for cash.
The net proceeds for the sale will be finalized on completion of the transaction which is expected to be within the coming months.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Vee Technologies’ engineering division delivers 3,000th fire truck design for the US
Fri, Apr 24 2026
Nissan Motor India, Avis India announce partnership for leasing and subscription-based solutions
Fri, Apr 24 2026
Infosys shares extend losses to 6% post Q4 results
Fri, Apr 24 2026
Meta to cut 8,000 jobs: Reports
Fri, Apr 24 2026
As Tim Cook steps down, Sundar Pichai’s reaction grabs attention
Wed, Apr 22 2026