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The acquisition is part of the company's strategy to expand its exploration and production business in low-carbon solutions, Reliance said.
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Updated : Nov 28, 2024, 06:01 PM IST
 "Mukesh Ambani acquires 21% stake in another US company for Rs 1013712000, its business is...")
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Mukesh Ambani, the richest man in Asia, continues to expand his business empire. His Reliance Industries, which is present in several sectors, has now acquired a 21 per cent stake in US helium gas exploration and production company, Wavetech Helium Inc (WHI), for USD 12 million or Rs 1013712000.
"Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of the company, has on November 27, 2024 entered into a stock purchase agreement with Wavetech Helium Inc (WHI) and subscribed to 21 per cent stake of WHI for an aggregate consideration of USD 12 million," Reliance said in a stock exchange filing.
"The acquisition is part of the company's strategy to expand its exploration and production business in low carbon solutions," it added. No governmental or regulatory approvals were required for the above transaction, the firm added.
Incorporated on July 2, 2021, WHI started its commercial operations in 2024. It 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.
READ | Mukesh Ambani's Reliance in 'disruptive' mode again after cola push, now offering...
Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, and fibre optics. Given the growth expected in AI and data centres, helium demand for semiconductor manufacturing is expected to increase. Moreover, the market cap of Reliance Industries currently stands at Rs 17.06 lakh crore. The share price of the firm closed at Rs 1,272.75 on NSE.
(With inputs from PTI)
