Mukesh Ambani makes big move, buys 21% stake in US company for a massive Rs…, its business is…

In another major business move by Reliance Industries Ltd chairman Mukesh Ambani, the conglomerate has acquired a 21 percent stake in Wavetech Helium Inc — a US-based helium gas exploration and production company — for a whopping $12 million.

In another major business move by Reliance Industries Ltd chairman Mukesh Ambani, the conglomerate has acquired a 21 percent stake in Wavetech Helium Inc — a US-based helium gas exploration and production company — for a whopping $12 million.

“Reliance Finance and Investments USA LLC, 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 per cent stake of WHI for an aggregate consideration of USD 12 million,” Mukesh Ambani-led Reliance Industries said in a stock exchange (SEC) 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 SEC filing added.

About Wavetech Helium

Wavetech Helium (WHI) was incorporated on July 2, 2021 in the United States and started commercial operations in 2024. The firm 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, and fibre optics. Given the growth expected in AI and data centres, helium demand for semiconductor manufacturing is expected to increase.

Mukesh Ambani back in $100 billion club

Meanwhile, Reliance Industries Chairman, Mukesh Ambani, the richest man in India as well as Asia, is regained his spot in the coveted $100 billion club after a brief lean patch which saw his fortunes dwindle by a significant margin. Mukesh Ambani has a real time net worth of $100.2 billion, according to Forbes Real-Time Billionaires List.