Billionaire industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) announced on Thursday, November 28 that its US-based subsidiary Reliance Finance and Investments USA LLC, has acquired a 21 per cent stake in the US helium gas exploration and production company Wavetech Helium Inc for $12 million. The deal was formalised through a stock purchase agreement.
“Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of the company, has on November 27, 2024 entered into a stock purchase agreement with Wavetech Helium Inc (WHI) and subscribed to a 21 per cent stake of WHI for an aggregate consideration of $12 million,” said the oil-to-telecom conglomerate in a regulatory filing to the stock exchanges.
WHI was incorporated in the US on July 2, 2021, and it started commercial operations in 2024. WHI is a US helium gas exploration and production company engaged in the acquisition, exploration, and development of properties to produce helium gas from underground reservoirs.
Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, and fibre optics. According to RIL, given the growth in artificial intelligence (AI) and related data centres, the overall helium demand for semiconductor manufacturing is expected to increase.
“The acquisition is part of RIL’s strategy to expand its exploration and production business in low-carbon solutions. No governmental or regulatory approvals were required for the above…
