Reliance's U.S. unit buys $12 million stake in helium explorer Wavetech Helium

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

Reliance Industries' 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 (November 28, 2024), 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.

Published - November 29, 2024 04:20 am IST