RIL completes sale of 76% stake in African firm to Total SA of France

Reliance Industries today said it has completed sale of its entire 76 percent interest in its East African company GAPCO to Total SA of France for an undisclosed sum.

Gulf African Petroleum Corp (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.

"Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC, an indirect wholly-owned subsidiary of RIL and Total (in May 2016) for the sale of the entire 76 percent interest in the Mauritius-incorporated GAPCO" requisite regulatory approvals and consents have been obtained and sale completed, RIL said in a statement.

RIL had acquired 76 percent equity interest in GAPCO in 2007. GAPCO owns retail outlets as well as onshore and offshore terminals in East Africa. The sale of RIL's interest in GAPCO is part of a joint transaction, wherein it as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash. RIL, however, did not disclose the sale consideration.