In late November in Jamnagar, India, the scions of two of the most powerful families in the world stood face-to-face. On one side was 30-year-old Anant Ambani, son of one the richest men in Asia. On the other was Donald Trump Jr. For months, the Trump administration had been on the offensive against the sprawling Ambani energy empire, placing it at the center of an escalating tariff campaign against India. But after Trump Jr. touched down, the two men toured the Ambanis’ private zoo, and at night they performed a Gujarati folk dance, grinning as they moved together to the music.

Four months later, an obscure Texas startup called America First Refining announced that it had received a nine-figure investment from the Ambanis’ company. The deal puzzled numerous energy investors familiar with the project, which aims to build the first major new oil refinery in the U.S. in about 50 years. The company is run by a serial entrepreneur with a history of bankruptcy and lawsuits alleging fraud. After more than a decade of failed attempts to raise money, blown deadlines and rebrands, it had been floundering.

America First Refining’s unexpected breakthrough came after it forged a previously unreported relationship with Trump Jr., who secretly acquired a stake in the startup, according to records and seven people familiar with the company. The new details reveal the role the president’s son has played in a theme of Trump’s second term: overseas investors with interests before the administration putting money into the Trump family’s business interests.

Video of Donald Trump Jr. and Anant Ambani dancing in India in November 2025, posted by an attendee at the event.

Over the past year and a half, Trump Jr. has amassed a fortune from stakes in companies ranging from crypto startups to a drone business to a firearms retailer. Some firms tied to the president’s son have received contracts or other support from the federal government, part of what critics describe as a run of Trump family self-dealing. In December, Forbes estimated that Trump Jr.’s net worth had rocketed from roughly $50 million to $300 million since the election. But the Forbes figures were based on the investments that have been publicly disclosed. The America First Refining episode suggests there is much about the family business that remains secret.

The size of Trump Jr.’s stake in America First Refining and what he paid for it remain unclear. Top executives at the startup have also said that they speak regularly with Trump Jr., according to a person close to the company. And after the Ambani investment was announced, Trump Jr.’s personal lawyer took credit on social media for playing a part in the deal.

America First Refining has flexed its Trump Jr. connections during pitch meetings with foreign officials. Early last year, Trump Jr. joined the company’s leadership for a meeting in South Florida with potential investors from Saudi Arabia, according to two people familiar with the matter. Another foreign government official pitched on the project told ProPublica that the company’s team emphasized they had backing from the Trump family and suggested that an investment would help with White House access.

The Ambanis’ investment coincided with the family’s securing major U.S. policy wins that their company, Reliance Industries, had been lobbying for. “Reliance Goes From Trump Foe to Friend With Refinery Pledge,” ran the Bloomberg headline after the deal was announced. Reliance’s intent with the deal was to “smooth out” tensions between the U.S. and India, the outlet reported.

A Trump Jr. spokesperson said that Trump Jr. “has no operational involvement in AFR and is simply a passive minority investor in an American company that aligns with his worldview.” 

“The entire premise of this story relating to Don is false,” the spokesperson said, adding, “Don does not interface with the Federal Government on behalf of any company that he invests in or advises.” ProPublica did not find evidence Trump Jr. was aware of refinery executives’ suggesting that an investment would help with White House access. 

In response to detailed questions, a spokesperson for America First Refining said, “The claims in this story are false,” but declined to specify what they were referring to. The company’s CEO previously denied wrongdoing in the lawsuits against him reviewed by ProPublica, and the suits were either settled or dropped.

The Ambani family had long been cultivating its relationship with the Trumps. Reliance paid $10 million to the Trump Organization in 2024 as a “development fee” for a project in Mumbai, according to the president’s financial disclosure. (Despite the payment, Reliance has not yet announced a Trump project. Reliance told ProPublica that “the real estate project is real” and “remains under development.”) Ivanka Trump attended Anant Ambani’s wedding party in India that year, where guests were treated to a Rihanna concert. Anant’s father, Mukesh — who is worth an estimated $90 billion and lives in a 27-story home — came to Washington, D.C., for Trump’s second inauguration, posing with the president at a private reception.

At the Private Reception in Washington, Mrs. Nita and Mr. Mukesh Ambani extended their congratulations to President-Elect Mr. Donald Trump ahead of his inauguration.

With a shared optimism for deeper India-US relations, they wished him a transformative term of leadership, paving… pic.twitter.com/XXm2Sj74vX

— Reliance Industries Limited (@RIL_Updates) January 19, 2025

But by the summer of 2025, the family was under attack from the White House. Since Russia invaded Ukraine in 2022, Reliance had reportedly made billions in profits by purchasing vast quantities of Russian oil at a discount. In August, as Trump grew frustrated with his administration’s struggles to bring the war to an end, the president doubled his tariffs on India to 50%. The move was explicitly designed to force companies like Reliance to stop buying Russian oil. White House trade adviser Peter Navarro publicly assailed “India’s politically connected energy titans” for “funding Putin’s war machine,” widely read as a reference to the Ambanis.

Amid this tension, Trump Jr. visited Anant Ambani on his November trip to India. At the end of the trip, Trump Jr.’s personal lawyer commented at a business conference in Miami: “I had a nice closing this morning with Don Trump Jr., who’s flying back from India today.” (The following week, the Texas startup — then called Element Fuels — filed paperwork to create America First Refining LLC. In an email, the attorney, John Willding, told ProPublica that there was “no transaction in India or with an Indian company that I was ever involved with.”) 

Anant Ambani, who helps run Reliance’s energy business, personally worked on the Texas refinery deal for months before it was announced, a major Indian newspaper later reported.

The Times of India posted a video of Donald Trump Jr. and Anant Ambani together in India in November.

As the Ambanis quietly finalized their deal with America First Refining, U.S.-Indian relations appeared to warm. In February, the Trump administration struck a trade deal with India, dramatically lowering tariffs, and also reportedly gave Reliance a license to buy Venezuelan oil. When the Iran war broke out and rocked global energy markets, the U.S. gave India a sanctions waiver to buy Russian crude. (The waiver was later expanded to all countries.) 

In response to ProPublica’s questions, the White House said that “there are no conflicts of interest.” Reliance did not answer ProPublica’s questions about Trump Jr.’s and Anant Ambani’s roles in the investment deal, but said in a statement that the company did not receive “any unique or preferential treatment” from the U.S. government. 

“There is no connection between Reliance’s investment in AFR and any unique measures associated with general U.S. trade, tariff, sanctions or licensing outcomes,” Reliance said. “The investment was evaluated and approved on its commercial merits, strategic fit and long-term value creation potential.”

In March, President Trump personally announced Reliance’s deal with the Texas startup on Truth Social, thanking the Ambani company for its “tremendous Investment.”  

After the announcement, Willding, the Trump Jr. lawyer, shared the news on LinkedIn: “Just so proud to have been part of this one.”

Willding rowed back his claim in an email to ProPublica. “I have never worked for or advised AFR and had zero involvement in their deal with Reliance Energy,” he said. “I simply saw the press release and was excited for them.” America First Refining’s spokesperson called Willding’s comment “moronic and false.”

In June 2025, Willding registered a new entity in Wyoming called TX Fuels, LLC, listing the company’s address as Trump Jr.’s mansion in Jupiter, Florida. In his email, Willding said his “only involvement in AFR was handling the legal paperwork” for the Trump Jr. LLC’s investment in the startup.

Trump Jr. first hired Willding in May 2021, according to interviews the lawyer has given. A corporate deal lawyer in Dallas, Willding has referred to himself as “outside business counsel to the Trump family” and has said he talks to Trump Jr. or Eric Trump almost daily. A former Bill Clinton and Barack Obama voter who fell hard for MAGA, the attorney has installed a portrait of President Trump over the mantel in his living room.

Willding’s practice has boomed during the second Trump administration, bringing the lawyer to Argentina, Saudi Arabia and South Korea. “Everybody in the world wants to do business with the United States right now,” Willding said at a conference in June 2025. “Every company wants to do business with the Trump family.”

There are other fingerprints of the Trump world on the refinery deal. 

Howard Lutnick’s firm Cantor Fitzgerald — which his sons took over when Lutnick became Trump’s commerce secretary — is working as the financial adviser to America First Refining, including on the Ambani investment deal, Cantor Fitzgerald announced. (Cantor Fitzgerald declined to comment.)

And the Trump administration played a direct role helping America First Refining find potential foreign investors, according to public comments from the company’s CEO, John Calce. “We have received support from the White House,” he told a local news outlet. The National Energy Dominance Council, led by the interior and energy secretaries, has “helped us with, candidly, introducing us and helping us meet some of these people overseas,” Calce said on an industry podcast. 

America First Refining has recently explored going public, according to three people close to the company. That could allow its current investors to start cashing out even if the refinery never gets built — a milestone many energy industry insiders still view as a long shot. Reliance made its investment in the startup at a valuation of at least $1 billion, according to America First Refining’s announcement.

Building a refinery at the Port of Brownsville on the Gulf Coast has been Calce’s mission for a decade. A former Yale offensive lineman, he started his career as a high school football coach after an unsuccessful attempt to make the NFL and now describes himself as a “lifelong entrepreneur.” 

The project has been serially delayed, out of money, rebranded and trailed by angry former business partners. At one point, Calce’s companies were being sued simultaneously by eight other firms. In 2022, during bankruptcy proceedings for an earlier iteration of the project, the trustee appointed to impartially oversee the case sued Calce too. The trustee alleged that Calce and other insiders had improperly siphoned away cash and other assets. (Calce denied wrongdoing. The case was ultimately settled.)

During the Biden administration, as the company sought financial support from the Department of Energy, it pitched itself as a climate-friendly green project that would also help “people of underrepresented social demographics” in Brownsville, according to records from that period. The company failed to get enough money from outside investors, and the planned construction was delayed. 

By the company’s own estimate, building the refinery will take years and cost $3 billion to $4 billion. Even if it’s built, profitability could be hard to achieve. Many energy investors told ProPublica there’s a reason the U.S. hasn’t seen a major new refinery in decades. “Refineries cost a lot of money and essentially make pennies on the dollar,” said Ed Hirs, an energy economist in Houston. “Wall Street is not going to finance a new refinery.”

Even after the start of the second Trump administration, the company was in jeopardy, according to interviews and documents. It laid off workers last year, and, by late 2025, with delays continuing to plague the refinery, officials at the Port of Brownsville believed the project looked to be dead, according to records reviewed by ProPublica.

That has not stopped Calce and his team from making grandiose claims to the public. Earlier this year, a website went live for another Calce company called Brownsville Energy Storage Terminals. It claims to have a far-flung network of oil storage terminals in places like the Netherlands and Singapore, more than 850 employees and a C-suite of experienced energy executives. But ProPublica could find no evidence that the executives are real people or that the storage terminals actually exist. The phone numbers on the website are also currently listed online as the contacts for a Houston baklava caterer, a Dallas-area taxi service and an OB-GYN office. The numbers are dead.

America First Refining’s political ties, though, may have boosted its standing with Texas state regulators. In February, shortly before the Ambani investment became public, the company sought an extension on its permit from the Texas Commission on Environmental Quality. 

Inside the state agency, emails obtained by ProPublica show, officials scrambled to approve the request.

“Need to get this one logged and processed asap,” wrote one official.

“You are going to have to do this one. I will explain why in person in a few,” wrote another. “You can guess if you check out the name.”

America First Refining got its approval the next day. A spokesperson for the Texas agency did not address questions about the emails. “This request was processed quickly due to the quality of information provided,” the spokesperson said.