Reliance Finance and Investments USA LLC subscribed to 21% stake of WHI for an aggregate consideration of USD 12 million.
FinTech BizNews Service
Mumbai, 29 November, 2024: Reliance Finance and Investments USA LLC (“RFIUL”), 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% stake of WHI for an aggregate consideration of USD 12 million.
WHI was incorporated on July 2, 2021 in United States and started its commercial operations in CY 2024. WHI 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. Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, fibre optics etc.
Further, given the growth expected in AI & Datacentres, helium demand for semiconductor manufacturing is expected to increase. The acquisition is part of the Company’s strategy to expand its exploration and production business in low carbon solutions. The investment is not a related party transaction and none of the Company’s promoter / promoter group / other group companies have any interest in the above transaction.
