Overview

• Documents filed with the U.S. Office of Government Ethics on June 13 show Reliance 4IR Realty Development paid a $10 million development fee to use the Trump brand on an unspecified Mumbai real estate project.
• The specific details and location of the planned project remain unclear, and Reliance Industries has declined to comment on the arrangement.
• The fee contributed to a total of $44.6 million in foreign licensing and development revenues for the Trump Organization in 2024, a sharp increase from $8.2 million in 2023.
• The deal follows growing personal ties between President Trump and Mukesh Ambani, who met at Trump’s inauguration and at a state dinner in Doha in May.
• Donald Trump Jr. has said the family business is again pursuing international brand deals, with only direct transactions with foreign governments off limits.