Business and Finance Business and Finance
Fri, November 29, 2024
[ 09:30 AM ] - Bill Williamson
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[ 03:30 AM ] - Bill Williamson
RIL gains 2% as US based arm picks 21% stake in Wavetech Helium

RIL gains 2% as US based arm picks 21% stake in Wavetech Helium


Published on 2024-11-29 03:30:38 - Bill Williamson, WOPRAI
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  • As per the agreement, Reliance Finance and Investments will buy a 21 per cent stake for an aggregate consideration of $12 million

Reliance Industries Limited (RIL) saw its shares rise by 2% following the announcement that its US-based arm, Jio Platforms, has acquired a 21% stake in WaveTech, a company specializing in helium exploration and production. This strategic investment aims to bolster Jio's capabilities in the helium sector, which is crucial for various high-tech applications including semiconductors, medical equipment, and aerospace technology. The deal not only diversifies Jio's portfolio but also positions it to leverage the growing demand for helium, which is expected to see significant market expansion due to its non-renewable nature and increasing industrial applications. The acquisition reflects RIL's ongoing strategy to invest in future technologies and resources that could drive innovation and growth in its business ecosystem.

Read the Full Business Standard Article at [ https://www.business-standard.com/markets/news/ril-gains-2-as-us-based-arm-picks-21-stake-in-wavetech-helium-124112900459_1.html ]
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