Reliance Finance and Investments USA LLC (RFIUL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has acquired a 21% stake in Wavetech Helium, Inc. (WHI), a U.S.-based helium gas exploration and production company. The acquisition, valued at USD 12 million, was formalized through a Stock Purchase Agreement signed on November 27, 2024.
Wavetech Helium, founded in 2021, specializes in the acquisition, exploration, and development of properties to extract helium from underground reservoirs. The company started its commercial operations earlier this year. Helium, a crucial resource used in various sectors, including medical applications, scientific research, aerospace, electronics, and fiber optics, is seeing growing demand, especially due to the rise in AI, data centers, and semiconductor manufacturing.
The strategic acquisition aligns with Reliance’s commitment to enhancing its portfolio in low-carbon solutions. Helium’s increasing use in emerging technologies, particularly in the semiconductor industry, positions this investment as a forward-looking move for Reliance in a high-demand market.
This acquisition is not a related-party transaction, and there are no interests from the company’s promoters or group companies in this deal. Additionally, the transaction did not require any government or regulatory approvals.
