A June 9, 2026, ProPublica report reveals Reliance Industries invested at least $100 million in America First Refining. Donald Trump Jr. secretly backed the obscure Texas startup.
The startup struggled for over a decade to raise capital before the deal. Its leadership included an entrepreneur with a history of bankruptcies and lawsuits alleging fraud.
This investment coincided with the Ambani family securing major U.S. policy wins through targeted lobbying. The move signaled a shift from the Trump administration’s previous offensive against the Indian energy empire.
Bloomberg noted the deal turned Reliance from a foe to a friend. The investment reportedly aimed to ease geopolitical tensions between the U.S. and India.