RIL completes Gulf Africa Petroleum Corporation stake sale

Mukesh Ambani led Reliance Industries Ltd (RIL) on Wednesday said it has completed the sale transaction of its entire 76% interest in Gulf Africa Petroleum Corporation (GAPCO) to global energy major Total SA.

"Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries Limited (RIL) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated GulfAfrica Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction," the company said in its press statement. In its statement, the company added that the entire holding has been sold in a full cash deal. 

In May 2016, the company announced plans to sell its entire stake in the African fuel retailer to TOTAL for an undisclosed amount. The transaction has now concluded. 

GAPCO hold stakes in operating subsidiaries in Tanzania, Kenya and Uganda which are engaged in petroleum product import and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa. GAPCO also owns retail outlets as well as onshore and offshore terminals. RIL, through its subsidiary REPDMCC had acquired 76% stake in GAPCO in 2007.