RFIUL Acquires 21% Stake in US Helium Company WHI

Reliance Finance and Investments USA LLC has acquired a 21% stake in Wavetech Helium, Inc. for USD 12 million, marking a strategic move to expand its low-carbon solution business. WHI, a US-based helium exploration company, is set to begin operations in 2024 amid rising helium demand.

Reliance Finance and Investments USA LLC (RFIUL), a subsidiary of the company, has announced the acquisition of a 21% stake in Wavetech Helium, Inc. (WHI) for USD 12 million. This stock purchase agreement was entered into on Wednesday and was disclosed in a filing made to the exchanges on Thursday.

WHI, incorporated on July 2, 2021, is gearing up for its commercial operations starting in calendar year 2024. Specializing in helium gas exploration and production, WHI focuses on acquiring and developing properties for helium extraction from underground reserves. Helium plays a crucial role in sectors like medical applications, scientific research, aerospace, and electronics.

The filing also highlighted the growing demand for helium due to expected advancements in AI and the proliferation of data centers, particularly increasing its necessity for semiconductor manufacturing. The acquisition aligns with RFIUL's strategy to grow its presence in low-carbon solutions. Notably, this transaction required no governmental or regulatory approval and the company received an official notification about the investment during the early hours of the morning. (ANI)

(With inputs from agencies.)