Indian conglomerate holding company Reliance Industries (RIL) has sold its entire 76% stake in the Mauritius-incorporated fuel retailer Gulf Africa Petroleum Corp, GAPCO, to the French group Total of France, Times of India reported. However, the size of the deal was not disclosed.
More specifically, Total –which is already a leading retailer of petroleum products in Africa–, will acquire GAPCO’s assets in Kenya, Uganda and Tanzania and to strengthen its logistics in the region.
According to Reuters, principal assets being acquired are two logistical terminals in Mombasa, Kenya, and Dar es Salaam, Tanzania as well as a retail network of around 100 service stations.
Gapco is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product imports, as also trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.