NRI PULSE STAFF REPORT
New York, NYC, June 17, 2025: India’s richest man, Mukesh Ambani, has become a key partner in a major foreign expansion of President Donald Trump’s real estate empire, according to a new Wall Street Journal (WSJ) investigation published Monday. The move marks a renewed push by the Trump family into international dealmaking after years of refraining from global projects during Trump’s first presidency.
As per the WSJ report, Ambani’s firm, Reliance 4IR Realty Development, has paid a $10 million licensing fee to the Trump Organization to use the Trump brand for a real estate project in Mumbai. This is the first known instance of a Trump-branded development tied directly to Reliance Industries.
The deal is part of a broader trend that saw the Trump Organization earning $44.6 million in 2024 from foreign licensing and development deals—more than five times the $8.2 million it earned in 2023 and significantly higher than the $9.4 million in 2022.
“The financial documents reviewed by the Journal show a sharp increase in foreign income for Trump’s company, with major contributions coming from countries including Saudi Arabia, India, Vietnam and the United Arab Emirates,” the article states.
The WSJ identified several foreign partners besides Reliance: Saudi developer Dar Al Arkan paid $22 million, Vietnam’s Hung Yen Hospitality paid $5 million, and Dubai-based Damac paid $5.2 million to use the Trump name.
Trump’s son, Donald Trump Jr., who oversees the family’s real estate business, confirmed the shift in strategy, telling the Wall Street Journal that the family is “now free to pursue global business,” having imposed voluntary limits on international deals during Donald Trump’s first presidential term. He clarified that the company avoids deals with foreign governments directly, focusing only on private sector partnerships.
Mukesh Ambani, who heads Reliance Industries and has vast interests in telecommunications, energy, and infrastructure, has not publicly commented on the Trump partnership. The reported Mumbai project marks a significant moment in the intersection of Indian business and American political enterprise.
