Reliance Industries acquired the petroleum marketing operations of Gapco (Gulf Africa Petroleum Corporation). The acquisition has been done through a subsidiary and Reliance has not disclosed the consideration for the deal. Gapco owns a distribution network including retail outlets in countries like Tanzania, Uganda and Kenya. The company imports fuel and then supplies it to various consumers. Reliance would obviously seek to export its own fuel products through Gapco, boosting its retail margins. Continue Reading →
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