A Texas refinery trumpeted by Donald Trump as a “historic $300bn deal” will involve a modest initial outlay of around $40mn by Reliance Industries, according to two people familiar with the matter.
The project in Brownsville, Texas, is intended to be the first new refinery in the US for 50 years. But more than three weeks after Trump thanked Reliance for its “tremendous investment”, India’s largest company has made no public announcement.
The reason, according to those in India familiar with the project’s details, is that Reliance’s initial investment will be only a fraction of Trump’s headline figure and does not reach the hurdle for a stock exchange notification.
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