India’s Richest Families Face Trump’s 50% Tariffs: Ambani, Adani, Mittal at Risk

US President Donald Trump’s decision to impose 50 percent tariffs on Indian goods has triggered a storm in trade relations and placed India’s billionaire-led businesses under direct pressure. From energy and ports to steel, motorcycles, and textiles, some of India’s wealthiest families now face a costly recalibration of their global strategies.

“We’re in the midst of a hornet’s nest right now with the tariffs,” said Deepak Padaki, president of Catamaran Ventures, the family office of Infosys founder Narayana Murthy, in an interview with Bloomberg. “In the long run, the best defense is to have quality products which are indispensable for your customers.”

• Russian crude deal: Reliance imported nearly 142 million barrels in six months under a Rosneft PJSC contract, saving about $571 million (Bloomberg).
• Export exposure: Over 45% of its $71.1 billion oil-to-chemicals revenue comes from exports, now threatened by higher duties.
• US presence: Operates through Reliance Marcellus LLC and RIL USA Inc.
• Diversification: Backed by Google, Meta, and Disney in digital, AI, and media ventures, which may offset some risks.

• Ports under pressure: Adani Ports, India’s largest operator with a 27% market share, could see volumes shrink if global trade slows (Bloomberg Intelligence).
• Solar exports: Adani exported more than 1.7 GW of modules last year, with 90% going to the US.
• Tariff impact: Industry experts told Reuters that new duties will choke sales to America, its top market.
• Additional risk: A petition filed on July 17 by US solar companies seeks anti-dumping duties on imports from India, Indonesia, and Laos.

• Steel exports: Shipped $6.7 billion worth of steel to the US in 2024 (annual report).
• Financial hit: Tariffs expected to reduce profits by $150 million this year, up from an earlier forecast of $100 million.
• Strategic shift: Expanding US-based manufacturing to reduce vulnerability, according to Reuters.

Eicher Motors – Vikram Lal

• Maker of Royal Enfield motorcycles with 8% US market share.
• Exported nearly 9,000 bikes before tariff announcements.
• Exploring Canadian warehousing to sidestep disruptions.

Polycab – Inder Jaisinghani

• One of India’s largest electrical goods manufacturers.
• US is its biggest export market.
• Facing added strain from copper-related tariffs.

Motherson Group – Vivek Chaand Sehgal

• Earns 19% of revenue from the US.
• Says tariff impact is limited since most sales come from local manufacturing.

Bharat Forge – Baba Kalyani

• Sold $200 million worth of goods to the US last year (10% of revenue).
• Warned of “challenging market conditions” due to tariff and regulatory uncertainty

Welspun Living – Balkrishan Goenka

• One of the world’s largest home textile exporters.
• US accounts for 61% of its $1.24 billion revenue.
• PTI reports up to 25% of India’s textile exports could be hit in the next six months.

Trump has dismissed any suggestion of rolling back the tariffs. “We get along with India very well,” he said, but called the trade relationship “one-sided” and accused India of maintaining “tremendous tariffs, about the highest in the world.”

Senior US officials have gone further, accusing “some of India’s richest families” of profiting from discounted Russian crude imports and indirectly supporting Moscow’s war effort. Reliance, as the country’s largest buyer of Russian oil, has been widely seen as the implied target of these remarks.

For India’s billionaires, the stakes are high. Trump has made it clear that tariffs will remain, calling them necessary to rebalance what he views as unfair trade practices. For businesses that rely heavily on exports to the US, especially in energy, solar and textiles, the risks are immediate. Others with US-based operations, like ArcelorMittal and Reliance, may be better positioned to adapt.

As Padaki of Catamaran Ventures said, the real test will be whether India’s billionaire-led companies can create products so essential that customers will continue to buy them, even at a higher cost.

With inputs from Bloomberg, Reuters, and PTI