Reliance Industries has announced that its step-down wholly owned subsidiary, Reliance Finance and Investments USA LLC, has entered into a stock purchase agreement to acquire a 21% stake in the U.S.-based Wavetech Helium, Inc. for $12 million.
Wavetech Helium, Inc. (WHI) was incorporated on 2 July 2021 in United States and started its commercial operations in CY 2024. WHI is a U.S. 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, fibre optics etc. Further, given the growth expected in AI & Datacentres, helium demand for semiconductor manufacturing is expected to increase.
This acquisition is part of the companys strategy to expand its exploration and production business in low carbon solutions.
The investment is not a related party transaction, does not involve any of Reliance's promoters or other group companies. Additionally, no governmental or regulatory approvals were required for the deal.
Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.
RIL had reported 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% year-over-year to Rs 258,027 crore in the second quarter.
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