Reliance Industries has informed in a press release that the company has acquired majority stake and management control of Gulf Africa petroleum Corp (GAPCO) using its 100% subsidiary Reliance Industries Middle East (RIME). GAPCO sells petroleum products in several east and central African countries. The exact value of the deal has not been revealed.

Reliance Industries is biggest company in terms of Market value in India and also the owner of the third-biggest refinery in the world. Reliance petroleum was recently merged into Reliance. The company has diversified business model and have shown very good results in recent few years.
GAPCO has headquarters in Mauritius. The company has a successful retail distribution network in several African countries. Reliance will get an easy access to markets in Tanzania, Uganda, Kenya and other small countries. Reliance expects the demand for petroleum products in these countries to remain strong. These countries have shown a decent rise in recent years and import of petroleum products is expected to rise in the near future.

The stock closed at Rs.1971, up by Rs.15 from previous close. The stock is hovering around its all time high. Technical analysts expect the stock to gain from the news and have suggested investors to buy the stock at every opportunity. The company has shown consistent growth in the past and is expected to perform even better in coming quarters.

In a press release, Reliance said, "The acquisition (of 50 percent stake) has been made through a wholly-owned subsidiary, Reliance Industries Middle East (RIME), a company registered in United Arab Emirates. Reliance considers its acquisition of GAPCO as strategic in nature."

Due to rift among Ambani brothers, Reliance was divided into two entities. After the division, both companies have seen great increase in market value. Ambani brothers are offering services in Petroleum, Telecom, Retail, Textile and many other sectors.