Reliance Industries Acquires 21% Stake in US-based Helium Gas Exploration Company for USD 12 Million

Reliance Finance and Investments USA LLC, a step-down wholly owned subsidiary of Reliance Industries Ltd., has entered into a Stock Purchase Agreement with Wavetech Helium, Inc. and subscribed to 21% stake of the company for an aggregate consideration of USD 12 million. Wavetech Helium, Inc. is a U.S. helium gas exploration and production company engaged in the acquisition, exploration, and development of properties to produce helium gas from underground reservoirs. The acquisition is part of Reliance's strategy to expand its exploration and production business in low carbon solutions, given the growth expected in AI & Data Centres and the increasing demand for helium in semiconductor manufacturing. The transaction is not a related party transaction and does not require any governmental or regulatory approvals.