Indian conglomerate Reliance Group signalled its intention to expand into the helium gas sector, with its US-based step-down subsidiary Reliance Finance and Investments USA striking a stake acquisition deal with the US-based Wavetech Helium, Inc. (WHI).
The Reliance arm entered into an agreement with WHI for acquiring 21 percent stake in it, it said in a regulatory filing.
The stake acquisition is reportedly estimated at $12 million, The Economic Times reported.
Wavetech Helium 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.
The acquisition, according to industry observers, is seen as RIL’s attempt to gain further understanding and explore potential in the helium-related segment.
It is also in tune with the conglomerate’s long-term plan of achieving 2035 net zero carbon goal.
Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, fibre optics, etc.
Further, given the growth expected in AI and data centres, helium demand for semiconductor manufacturing is expected to increase.
According to the company’s filing, the acquisition is part of the company’s strategy to expand its exploration and production business in low-carbon solutions.
Follow us on
