A little-known Texas startup reportedly connected to Donald Trump Jr. recently received a $100 million investment from Reliance Industries, the energy company run by Indian billionaire Mukesh Ambani, according to ProPublica. The deal came as the Ambani family secured several policy decisions from the Trump administration. The investment marked a shift for a company the White House had targeted only months earlier.
The startup, called America First Refining, has spent years trying to build a major oil refinery in the United States. It has reportedly struggled with bankruptcy, lawsuits, and missed deadlines. Citing seven people familiar with the matter, the outlet reported the company’s prospects changed after Trump Jr. quietly bought a stake in the business.
A spokesperson for Trump Jr. said he is only a “passive minority investor” with no role in running the company. Company leaders reportedly mentioned their Trump family ties during pitch meetings with foreign investors from Saudi Arabia and elsewhere, suggesting that financial support might help secure access to the White House. These claims have not been independently verified.
The deal came together as relations between the Trump and Ambani families shifted
ProPublica argues that the timing of the investment is notable. Throughout the summer of 2025, the Trump administration was reportedly pressuring the Ambani empire. As President Trump expressed frustration with the war in Ukraine, he doubled tariffs on India to 50 percent. The move was reportedly meant to push companies like Reliance to stop buying discounted Russian oil.
White House trade adviser Peter Navarro publicly criticized India’s energy companies, accusing them of funding what he called Putin’s war machine. The relationship between the families appeared to improve after a November 2025 trip to India, where Trump Jr. was filmed dancing with Mukesh Ambani’s son, Anant. There have also been reports that a White House aide intervened on a Pentagon loan.
Shortly after that visit, the Texas startup filed paperwork to form America First Refining. By February, the Trump administration had reached a new trade deal with India that lowered tariffs and reportedly gave Reliance a license to buy Venezuelan oil. When the Iran war disrupted energy markets, India reportedly received a sanctions waiver to keep buying Russian crude.
The connections to the Trump world reportedly go beyond the president’s son. Howard Lutnick’s firm, Cantor Fitzgerald, is acting as the financial adviser on the deal, and the company has reportedly received help from the White House to find foreign investors.
CEO John Calce, who reportedly has a history of failed business ventures and legal disputes, has kept the project alive despite doubts from energy economists. Experts cited in the reporting describe building a new refinery as a difficult, low-margin business that Wall Street usually avoids.
Internal emails from the Texas Commission on Environmental Quality reportedly suggest the startup drew attention at the state level. When the company needed a permit extension in February, agency officials reportedly moved quickly to approve the request. One staffer reportedly noted that the reason for the rush would be clear if someone checked the company name.
The White House has denied any conflicts of interest. Trump Jr.’s net worth has reportedly risen significantly since the election, and his personal lawyer, John Willding, has spoken publicly about his pride in the deal while giving differing explanations about his exact role. According to ProPublica, much of this account relies on unnamed sources and presents one side of the story.
The family has previously drawn attention for unrelated moments, including when Trump posted memes during Don Jr.’s wedding. America First Refining is reportedly exploring plans to go public, a move that could let its investors cash out on a project that many in the energy industry view as a long shot.
Published: Jun 10, 2026 03:15 pm