Reliance buys 21 percent stake in US company Wavetech Helium, deal for $12 million
Reliance-Wavetech Helium Deal: Reliance told the stock market that its wholly-owned subsidiary Reliance Finance and Investment entered into a stock purchase agreement with Wavetech Helium (WHI) on November 27, 2024. The company has bought 21 percent stake in WHI at a total value of $12 million. Let's know what else the company said about this deal.
Reliance Industries Ltd on Thursday said that they have signed definitive agreements to acquire a 21% stake in the US helium gas exploration and production company Wavetech Helium Inc for $ 12 million.
"Reliance Finance and Investment USA LLC, a wholly-owned subsidiary of the company, has executed a stock purchase agreement with Wavetek Helium Inc. (WHI) on November 27, 2024, and acquired a 21% stake of WHI for an aggregate consideration of US$12 million," said the company in a notice to the stock exchange.
Incorporated on July 2, 2021, WHI US started commercial operations in the year 2024. WHI is a United States-based helium gas exploration and production company focused on the acquisition, exploration, and development of properties to produce helium gas from underground reserves.
It finds applications in medical areas, scientific research, aerospace and aeronautics, electronic equipment, and fiber optics. Helium use in semiconductor manufacturing will continue to grow with AI and data centers.
"This acquisition is part of the company's strategy to expand its exploration and production business in low carbon solutions," the company said in a stock exchange filing. According to the company, the deal did not require any governmental or regulatory approval.
