Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of Reliance Industries, has bought 21 per cent stake in Wavetech Helium, Inc. for $12 million.
WHI was incorporated on July 2, 2021 in US and started its commercial operations in CY 2024. WHI is a 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.
“The acquisition is part of the company’s strategy to expand its exploration and production business in low carbon solutions. The investment is not a related party transaction and none of the company’s promoter / promoter group / other group companies have any interest in the above transaction,” RIL said.