RIL Acquires 21% In Wavetech Helium For $12 Mn

New Delhi: Reliance Industries Ltd (RIL) on Thursday said it has acquired a 21 per cent stake in US helium gas exploration and production company Wavetech Helium Inc for $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 $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.