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Reliance Industries’ step-down wholly owned subsidiary --
Reliance Finance and Investments USA LLC (RFIUL) has entered into a Stock
Purchase Agreement with Wavetech Helium, Inc. (WHI) and subscribed to 21% stake
of WHI for an aggregate consideration of $12 million.
WHI was incorporated on July 2, 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. The acquisition is part of the Company’s
strategy to expand its exploration and production business in low carbon
solutions.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
Source: Ace Equity
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