Reliance remains mum even as Trump announces ‘historic’ $300 billion U.S. refinery deal
The Hindu
Reliance Industries remains silent after Trump's $300 billion refinery announcement, raising doubts about the deal's validity.
Despite U.S. President Donald Trump on Wednesday (March 11, 2026) announcing on social media (Truth Social) that Reliance Industries Ltd (RIL) would be investing in a new refinery in the U.S., calling it a “historic” $300 billion deal, RIL remained mum throughout the day.
The company did not make any announcement neither informed anything to stock exchanges, fuelling speculations on the veracity of Mr. Trump’s claims.
On a day when the stock market was down nearly 2%, the RIL stock closed 1.27% lower at ₹1,391.10 on the BSE.
According to Mr. Trump’s social media post, the refinery would be constructed in Brownsville, Texas and this would be the first new refinery in the U.S. in the past 50 years.
Describing it as the cleanest refinery in the world, Mr. Trump said it would fuel U.S. markets and strengthen national security.
Following the announcement, J.P. Margan in a note said this refinery might be less about capex intensity and more about profitability.
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