India’s most valuable company, Reliance Industries (RIL), will induct a partner into a planned new venture that will house its -making fuel retail business, and state-owned Indian Oil Corporation (IOC) and the Indian unit of Anglo-Dutch Royal Dutch Shell are the frontrunners for the 50% stake it is willing to offer, a person familiar with the matter said. The company, which operates the world’s largest refining complex at Jamnagar in Gujarat, has no plans to completely exit fuel retailing in the country, but is, at the same time, keen to recoup some of its past losses, estimated to be several thousands of crores. “We want to look at options of a collaboration with existing market players,” RIL’s CEO for its oil and gas operations PMS Prasad told ET.
The group recently invited bids from a raft of Indian and overseas companies, notably IOC, Shell India, BPCL and HPCL, and the person said it could consider even offering a majority stake of 51% to the partner. RIL has invested nearly $1.4 billion to date in the fuel retailing business and has built up a network of 1,432 petrol pumps across the country. Creating a separate company for this business and divesting a part of its equity in it could help RIL shift its accumulated losses from fuel retailing away from its books.
Showing posts with label reliance industries. Show all posts
Showing posts with label reliance industries. Show all posts
Friday, March 20, 2009
Tuesday, September 4, 2007
Reliance buys east African oil retailer GAPCO
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.
Reliance, India's largest private company, operates a 660,000 bpd refinery in India. Reliance Petroleum Ltd, a subsidiary in which Chevron Corp holds 5 per cent, is building a 580,000 bpd unit nearby.
Media reported on Tuesday that Reliance Industries, which has a market capitalisation of $67 billion, was eyeing a 50 per cent stake in Kenya's sole refinery. Shares in Reliance Industries ended 0.8 per cent higher at Rs 1,971.50 in a Mumbai market that rose 0.3 per cent.
(source: Economic Times)
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.
Reliance, India's largest private company, operates a 660,000 bpd refinery in India. Reliance Petroleum Ltd, a subsidiary in which Chevron Corp holds 5 per cent, is building a 580,000 bpd unit nearby.
Media reported on Tuesday that Reliance Industries, which has a market capitalisation of $67 billion, was eyeing a 50 per cent stake in Kenya's sole refinery. Shares in Reliance Industries ended 0.8 per cent higher at Rs 1,971.50 in a Mumbai market that rose 0.3 per cent.
(source: Economic Times)
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