Reliance Acquires 21% Stake in Wavetech Helium for $12 Million

New Delhi, Nov 28 (PTI) Reliance Industries Ltd on Thursday said it has acquired a 21 per cent stake in US helium gas exploration and production company Wavetech Helium Inc for USD 12 million.

"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 21 per cent stake of WHI for an aggregate consideration of USD 12 million," the firm said in a stock exchange filing.

WHI was incorporated on July 2, 2021 in the US and 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. Given the growth expected in AI and data centres, helium demand for semiconductor manufacturing is expected to increase.

"The acquisition is part of the company's strategy to expand its exploration and production business in low carbon solutions," it added.

No governmental or regulatory approvals were required for the above transaction, the firm added.