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Reliance Finance and Investments USA LLC (RFIUL), a step-down wholly owned subsidiary of the company, on Wednesday entered into a stock purchase agreement with Wavetech Helium, Inc. (WHI) and subscribed to a 21 per cent stake of WHI for an aggregate consideration of USD 12 million.
As per the filing with the exchanges on Thursday, WHI was incorporated on July 2, 2021, in the United States and started its commercial operations in CY 2024. WHI 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. Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, fibre optics, etc. Further, given the growth expected in AI and datacenters, helium demand for semiconductor manufacturing is expected to increase, the company added. 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. No governmental or regulatory approvals were required for the above transaction, the filing said, adding that the company received an intimation about investment today at 12:16 am (IST). (ANI)
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