Mumbai: Reliance Industries Ltd has acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), which has a significant presence in East Africa in the petroleum downstream sector.

Reliance made the acquisition through its wholly owned subsidiary, Reliance Industries Middle East, Dmcc (RIME), a company registered in United Arab Emirates. Reliance, however, did not reveal the cost of acquisition.

Reliance, which owns and operates the world''s largest greenfield refinery, considers the acquisition as strategic; the East African countries, where GAPCO operates, have demonstrated rapid economic growth and have progressive government policies in place.

The demand for petroleum products in these countries is rising steadily and has mirrored the rapid GDP growth. Import of petroleum products in these countries is also expected to rise in the near future. Further, these markets are easily accessible from India and in that sense provide a strategic fit for exports from India, the company said.

GAPCO owns and operates large storage facilities and a retail distribution network in countries, including Tanzania, Uganda and Kenya, Reliance said. GAPCO operates over 250 outlets catering to retail and industrial segments.

Reliance 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.

Over the years, Reliance has acquired significant expertise in the petroleum downstream sector in India and has successfully demonstrated its various value propositions like quality assurance, automation, fleet management programme and highway hospitality targeted across various consumer segments.

Reliance expects to leverage on this expertise and contribute significantly to the petroleum downstream sector in East Africa and play key role in the economic growth of the region.

Reliance Industries, which has a market capitalisation of $67 billion, is also eyeing a 50 per cent stake in Kenya''s sole refinery, reports pointed out.