December 27, 2024 04:10 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Manmohan Singh will be remembered as a kind person, a learned economist, and a leader dedicated to reforms: PM Modi | Russian ambassador to India Denis Alipov grieves Manmohan Singh's demise | Mumbai terror attack shook Manmohan Singh badly, recalls former deputy NSA | I have lost a mentor and guide: Rahul Gandhi writes on Manmohan Singh's demise | Manmohan Singh left strong imprint on our economic policy over years: PM Modi | A rare leader who spoke softly but achieved monumental strides: Gautam Adani mourns Manmohan Singh's death | Instagram influencer and freelance RJ Simran Singh dies by suicide in Gurugram | Anna University sexual assault case: Accused is a DMK worker, claims BJP's Annamalai | Celebrities too responsible for crowd control: Telangana CM Revanth Reddy to Telugu filmdom amid Pushpa 2 stampede row | Boat capsizes off Calangute Beach in Goa; 1 killed, 20 rescued

Reliance signs agreements for sale of its interest in GAPCO

| | Jun 01, 2016, at 04:04 am
#Reliance # agreements # GAPCO # interest sale
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.
Related Images
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Gautam Adani meets Bangladesh PM Sheikh Hasina
Gautam Adani meets Bangladesh PM Sheikh Hasina Sep 06, 2022, at 06:46 am