Reliance's US unit buys $12 mln stake in helium explorer Wavetech Helium
28/11/2024 11:32
Nov 28 (Reuters) - Reliance Industries' RELI.NS U.S.
unit has bought a 21% stake in U.S.-based helium production
company Wavetech Helium for $12 million, the conglomerate said
on Thursday, in a move aimed at expanding its low-carbon energy
segment.
The billionaire Mukesh Ambani-run group, which operates
the world's biggest oil refining complex at Jamnagar in the
western Indian state of Gujarat, announced in 2021 investments
worth $10 billion to develop its green energy portfolio and
achieve its 2035 net zero carbon goal.
Helium gas, a by-product of mining natural gas, is used in
several green technologies, as well as in medical applications,
scientific research, aerospace and aeronautics, electronics,
fibre optics, among others.
(Reporting by Sethuraman NR in Bengaluru; Editing by Janane
Venkatraman)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))