Reliance buys 21 percent stake in U.S. company Wavetec Helium, deal for $12 million
New Delhi| Reliance Industries Ltd said it has acquired a 21 per cent stake in the US helium gas exploration and production company Wewtech Helium Inc for US$12 million.
“Reliance Finance and Investment USA LLC, a wholly owned subsidiary of the company, has entered into a stock purchase agreement with WaveTech Helium Inc (WHI) on November 27, 2024, and purchased 21 percent of WHI for a total value of US$12 million”, the company said in a filing to the stock exchange.
WHI was established in the US on July 2, 2021, and began commercial operations in 2024. WHI is an American helium gas exploration and production company that undertakes the acquisition, exploration, and development of properties to produce helium gas from underground deposits. Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, and fiber optics. Given the expected growth in AI and data centers, the demand for helium for semiconductor manufacturing is expected to increase.
“This acquisition is part of the company’s strategy to expand exploration and production turnover in low carbon solutions”, the company said in a stock exchange filing According to the company, no government or regulatory approval was required for this deal.
