Indian companies are pouring billions of dollars into American industry, with more than $40 billion in investments announced this year. The companies are seeking to strengthen their presence across steel, pharmaceuticals, energy and technology as President Donald Trump pushes to expand domestic manufacturing and industrial production.
The investments include major commitments from companies such as Essar Group, Reliance Industries, Sun Pharmaceutical Industries, JSW Group and Sterlite Technologies. The announcements highlight how Indian companies are leveraging changes in the U.S. trade and manufacturing environment to expand their operations and gain access to one of the world’s largest consumer markets.
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According to a Business Standard report, Essar Group accounts for the largest individual investment, with an announced $18 billion commitment to establish an integrated steel business in the U.S. through its subsidiary Mesabi Metallics. Trump announced the project in September. The investment includes approximately $3 billion for an iron ore mine and pelletizing facility in Minnesota, followed by a proposed $15 billion steel manufacturing complex in Iowa.
The project is designed to establish an integrated domestic supply chain, with iron ore mined and processed in Minnesota before being transported to Iowa for steel production. It is expected to create more than 8,000 construction jobs and approximately 1,750 permanent jobs once operational. Trump welcomed the project as an example of his administration’s push for “domestic manufacturing.”
Meanwhile, around 11 Indian pharmaceutical companies have committed approximately $19 billion to investments in the U.S. this year, led by Sun Pharma’s $11.5 billion acquisition of U.S.-based Organon.
In the technology sector, Sterlite Technologies is investing $100 million in optical interconnect manufacturing to serve data center and telecommunications customers. Reliance Industries, owned by India’s richest man, Mukesh Ambani, is separately associated with a proposed 168,000-barrel-per-day refinery in Brownsville, Texas, in partnership with America First Refining.
Trump described the refinery proposal as a “historic $300 billion deal.” However, the project is excluded from the more than $40 billion investment tally.
“U.S. Treasury Secretary Scott Bessent had a successful meeting with Indian Finance Minister Nirmala Sitharaman on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, North Carolina, on September 1. Indian companies have invested $40 billion in the U.S., supporting more than 70,000 direct American jobs!” the U.S. Embassy in India wrote.
Meanwhile, a list published by the White House showed approximately $330.5 billion in investments associated with India. This includes around $310 billion linked to the Reliance refinery proposal and $20.5 billion in commitments from Indian businesses at the SelectUSA Investment Summit held in May.
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According to a 2023 report published by the Confederation of Indian Industry (CII), the top 100 Indian companies had contributed more than $40 billion in foreign direct investment to the U.S., supporting more than 425,900 jobs across all 50 states. The report also noted that Indian companies had contributed approximately $195 million to corporate social responsibility initiatives and spent $1 billion on research and development.
U.S. Secretary of State Marco Rubio also visited India last month, saying that a U.S.-India trade deal was “incredibly close” amid ongoing tariff tensions. He traveled to Jamnagar, Gujarat, to visit the refinery complex operated by Reliance Industries.
In October, Trump signed an executive order suspending sanctions measures under the Graham Act that could have exposed India to tariffs of up to 100% over its purchases of Russian oil and gas.