Mukesh Ambani has reportedly paid a $10 million development fee to Donald Trump’s real estate firm, licensing the Trump brand for an upcoming project in Mumbai. New Delhi: US President Donald Trump has a new business partner in India's richest man, Mukesh Ambani. Reliance 4IR Realty Development, a unit of a company controlled by Ambani, has paid a $10 million "development fee" to the real estate firm owned by Trump, President’s annual financial disclosure report revealed. As per the report in The Wall Street Journal, Ambani has joined the list of top business leaders across the globe who have invested in Trump’s real estate firm. As per the report, investors have pumped $44.6 million into Trump-branded projects in Vietnam, Dubai, and Saudi Arabia. The amount paid for licensing and development fees in 2024 was significantly higher than in 2023 ($8.2 million), according to the annual financial disclosure report.

While much of the money stems from previously disclosed agreements, the filing also revealed a $10 million “development fee” from Reliance 4IR Realty Development — a subsidiary of a company owned by billionaire Mukesh Ambani — for licensing the Trump brand in a project based in Mumbai. Though so far it's not clear as to which specific project has been planned in Mumbai by the Ambanis. Notably, Mukesh Ambani attended Donald Trump’s inauguration in Washington, D.C., in January, and was also a guest at a state dinner in Doha last month, hosted by the Emir of Qatar in honour of the US President. At the same time, Donald Trump Jr. appeared at the Qatar Economic Forum, highlighting a broader pattern of renewed international business activity. A wave of new real estate projects announced this year in India and Qatar highlights the Trump family’s strategy to aggressively expand their business footprint, even as Trump holds office, breaking sharply from past presidential norms.

This expansion now spans multiple sectors, including real estate, golf, cryptocurrency, and even a newly unveiled Trump-branded mobile phone. The activity represents a notable shift from the previous term, when the Trump Organisation had pledged to suspend foreign business dealings during his presidency. Donald Trump Jr., who oversees the family business alongside his brother Eric, addressed the change at the May conference in Qatar. He noted that despite the self-imposed pause on international deals during the first term, criticism persisted, prompting the family to scale back those restrictions this time around. Now, the only red line is avoiding direct transactions with foreign governments. "We said we’re going to play by the rules, but we’re not going to go so far as to stymie our business forever," Donald Trump Jr. said, as reported by WSJ.

While the moves have drawn sharp criticism from Democratic lawmakers and ethics watchdogs, Republicans, who currently control Congress, have remained largely silent on the issue.