RIL gains 2% as US-based arm picks 21% stake in Wavetech Helium

Reliance Industries (RIL) shares rose 2.1 per cent on BSE in Friday's trade and logged an intraday high of Rs 1,299.3 per share. The buying interest sparked after the company's US-based arm Reliance Finance and Investments bought a 21 per cent stake in Wavetech Helium, Inc. (WHI).

 

Around 1:37 PM,'s share price was up 2.23 per cent at Rs 2,965.25 per share on BSE. In comparison, the BSE Sensex was up 0.89 per cent at 79,747.54. The market capitalisation of the company stood at Rs 17,54,945.78 crore. The 52-week high of the stock stood at Rs 1,608.95 per share and the 52-week low was at Rs 1,185.63 per share. 

 

As per the agreement, Reliance Finance and Investments will buy a 21 per cent stake for an aggregate consideration of $12 million.

 

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. 

 

According to WHI’s website, the company controls helium gas reserves (including proven) and resources in E-SE Colorado/W Kansas and NW Montana -- two of the premier Helium fairways in the world.

 

Reliance Finance and Investments, a part of the Reliance Group, is a key player in India's financial services sector, offering a wide range of products and services. It provides investment management solutions, including mutual funds and portfolio management, helping clients grow their wealth. 

 

The company also offers corporate finance services, such as lending, mergers, acquisitions advisory, and capital market services. Additionally, Reliance Finance and Investments caters to high-net-worth individuals (HNIs) through wealth management services, offering personalized financial planning. 

 

It is part of Reliance Capital, and its offerings also extend to retail finance, insurance products, and loans, contributing significantly to the group's diverse financial services portfolio.

 

Reliance Industries Limited (RIL) is one of India's largest and most diversified conglomerates, led by Mukesh Ambani. Founded in 1966 by Dhirubhai Ambani, RIL has evolved into a global leader in various sectors, including petrochemicals, refining, oil and gas, retail, telecommunications, and media.

 

In the past one year, RIL  shares have gained 5.9 per cent against Sensex's rise of 18 per cent.