Largest private sector company Reliance Industries Ltd said it has acquired a majority stake and management control of east Africa-based Gulf Africa Petroleum Corp (GAPCO), through its wholly-owned unit Reliance Industries Middle East Dmcc.
The company did not specify its exact stake in GAPCO nor the financial details of the deal.
GAPCO, headquartered in Mauritius, owns and operates large storage terminal facilities and a retail distribution network in several countries in central and east Africa like Tanzania, Uganda and Kenya.
It owns and operates large storage terminals at Dar Es Salaam, Mombassa and Kampala, depots in east & central Africa and over 250 outlets covering retail and industrial segments, a release from Reliance said.
The demand for petroleum products in the east African countries where GAPCO operates is rising steadily and has mirrored the rapid GDP growth in these nations, Reliance added.
The company expects import of petroleum products in these countries to rise in the near future and added that these markets provide a strategic fit for Indian exporters as they are easily accessible from India.( ABC Money)