Reliance Industries Ltd on Thursday mentioned it has acquired a 21 per cent stake in US helium gasoline exploration and manufacturing firm Wavetech Helium Inc for USD 12 million.
“Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of the corporate, has on November 27, 2024 entered right into a inventory buy settlement with Wavetech Helium Inc (WHI) and subscribed to 21 per cent stake of WHI for an mixture consideration of USD 12 million,” the agency mentioned in a inventory trade submitting.
WHI was integrated on July 2, 2021 within the US and began business operations in 2024. WHI is a US helium gasoline exploration and manufacturing firm engaged within the acquisition, exploration, and improvement of properties to supply helium gasoline from underground reservoirs.
Helium is utilized in medical purposes, scientific analysis, aerospace and aeronautics, electronics, and fibre optics. Given the expansion anticipated in AI and information centres, helium demand for semiconductor manufacturing is predicted to extend.
“The acquisition is a part of the corporate’s technique to develop its exploration and manufacturing enterprise in low carbon options,” it added.
No governmental or regulatory approvals have been required for the above transaction, the agency added.
