Reliance buys ( oil retailer GAPCO )

By CROW -
By Economictimes

Reliance Industries said on Tuesday it had bought a majority stake and management control of east African oil retailer Gulf Africa Petroleum Corp (GAPCO) for an undisclosed sum.

The company said in a statement that GAPCO was a strategic acquisition which would give it access to the rapidly growing economies of east Africa, where demand for petroleum products is rising. "These markets are easily accessible from India and in that sense provide a strategic fit for exports from India," it said.

GAPCO owned and operated large storage terminalling facilities and a retail distribution network in countries including Tanzania, Uganda and Kenya, Reliance said. It said GAPCO had more than 250 outlets catering to retail and industrial segments.

Comments

  1. AnonymousSeptember 4, 2007 at 1:26 PM

    Do we need to invest more in Reliance

    ReplyDelete
  2. CROWSeptember 17, 2007 at 10:19 AM

    yes !! Reliance Pet is very good long term stock.

    ReplyDelete

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