The Ambani family, led by Indian billionaire Mukesh Ambani through their company Reliance Industries, made a significant investment of at least $100 million in a Texas-based startup called America First Refining, which is secretly backed by Donald Trump Jr..

Background

The investment came after a period of tension between the Trump administration and Reliance Industries. In August 2025, President Trump doubled tariffs on India to 50% as part of efforts to force companies like Reliance to stop purchasing Russian oil. White House trade adviser Peter Navarro publicly criticized “India’s politically connected energy titans” for “funding Putin’s war machine,” widely interpreted as referring to the Ambanis.

The November 2025 India Visit

In late November 2025, Donald Trump Jr. visited India and met with Anant Ambani, son of Mukesh Ambani. The two toured the Ambanis’ private zoo and performed a Gujarati folk dance together. This visit marked a turning point in the relationship between the families.

America First Refining Investment

Four months after Trump Jr.’s India visit, America First Refining announced it had received a nine-figure investment from Reliance Industries. The deal puzzled energy investors given the company’s troubled history:

• Run by CEO John Calce, a serial entrepreneur with a history of bankruptcy and fraud allegations
• More than a decade of failed fundraising attempts, blown deadlines, and rebrands
• The company had been floundering before securing the Ambani investment

Trump Jr.’s Secret Stake

According to records and seven people familiar with the company, Donald Trump Jr. secretly acquired a stake in America First Refining. The size of his stake and what he paid for it remain unclear. Trump Jr.’s personal lawyer, John Willding, took credit on social media for playing a part in the deal.

Policy Wins for Reliance

The Ambani investment coincided with major U.S. policy wins for Reliance Industries:

• February 2026: Trump administration struck a trade deal with India, dramatically lowering tariffs
• Reliance reportedly received a license to buy Venezuelan oil
• When the Iran war broke out, the U.S. gave India a sanctions waiver to buy Russian crude

White House Support

The Trump administration provided direct support to America First Refining in finding foreign investors. CEO John Calce stated that the National Energy Dominance Council “helped us with, candidly, introducing us and helping us meet some of these people overseas.”

The Refinery Project

America First Refining aims to build the first major new oil refinery in the U.S. in about 50 years at the Port of Brownsville on the Gulf Coast. The project:

• Estimated cost: $3-4 billion
• Timeline: Several years to complete
• Has faced serial delays, funding issues, and skepticism from energy investors
• Many experts question its viability, noting there’s a reason no major new refineries have been built in decades

Trump Family Business Network

The Ambani investment is part of a broader pattern of Trump family business dealings:

• Reliance paid $10 million to the Trump Organization in 2024 as a “development fee” for a Mumbai project
• Ivanka Trump attended Anant Ambani’s wedding party in India
• Mukesh Ambani attended Trump’s second inauguration
• Howard Lutnick’s firm Cantor Fitzgerald is working as financial adviser to America First Refining

Regulatory Preferential Treatment

In February 2026, America First Refining sought a permit extension from the Texas Commission on Environmental Quality. Internal emails showed officials scrambling to approve the request “asap,” with one noting “You can guess if you check out the name.” The company received approval the next day.

Financial Implications

America First Refining has explored going public, which could allow current investors to cash out even if the refinery is never built. Reliance made its investment at a valuation of at least $1 billion, according to the company’s announcement.

The deal represents part of what Forbes estimated as Trump Jr.’s net worth jumping from roughly $50 million to $300 million since the 2024 election, though the Forbes figures were based only on publicly disclosed investments.

Responses

A Trump Jr. spokesperson said he “has no operational involvement in AFR and is simply a passive minority investor” and “does not interface with the Federal Government on behalf of any company that he invests in or advises.”

Reliance stated there was “no connection between Reliance’s investment in AFR and any unique measures associated with general U.S. trade, tariff, sanctions or licensing outcomes.”

The White House said “there are no conflicts of interest.”