Reliance Finance Invests $12 Million in Helium Exploration

Reliance Finance's subsidiary, RFIUL, has acquired a 21% stake in US-based Wavetech Helium for $12 million. WHI, since its incorporation in July 2021, focuses on helium gas exploration. This move aligns with Reliance's strategy to enhance its low-carbon exploration footprint, considering rising helium demand in AI and data centers.

In a strategic move to expand its footprint in low-carbon solutions, Reliance Finance and Investments USA LLC (RFIUL), a division of the larger company, announced a $12 million acquisition of a 21% stake in Wavetech Helium, Inc. (WHI). The deal was formalized via a stock purchase agreement on Wednesday.

Wavetech Helium, incorporated in July 2021, focuses on the exploration and production of helium gas, an essential element for numerous industries, including medical and scientific sectors, aerospace, electronics, and more. The company's commercial operations officially commence in calendar year 2024.

This investment reflects Reliance Finance's strategic ambition to capitalize on the anticipated surge in helium demand driven by advancements in artificial intelligence and semiconductors, crucial for data centers. No regulatory approvals were required for the deal, noted the filing, which was disclosed at 12:16 AM IST.

(With inputs from agencies.)