Mukesh Ambani urges Indian businesses to unite against global risks

Mukesh Ambani, chairman of Reliance Industries — India’s most valuable company — said on Friday that Indian businesses must unite to protect the country from external shocks and geopolitical uncertainties.

Why it matters
Reliance, which operates the world’s largest refining complex in Gujarat, is also India’s leading purchaser of Russian crude oil.

The U.S., as a penalty for India’s continued oil trade with Russia, announced on Wednesday that tariffs on Indian goods would be doubled to as much as 50%. Economists warn the move could severely impact sectors such as textiles, leather, and chemicals. These tariffs are now among the highest imposed by Washington, comparable to those levied on Brazilian exports.

By the numbers
Reliance has a crude oil import deal with Russian major Rosneft for 500,000 barrels per day — the largest such agreement between India and Russia. The company also has considerable exposure to the U.S. market.

Ambani stressed the importance of collective effort, saying, “The magnitude of the challenge is so large that all Indian businesses must work together with unity as a grand coalition - in the spirit of cooperation, mutual learning, and mutual support.”

He further added, “India must become self-reliant to the maximum extent in key technologies, critical industries, and other vital sectors of the global economy.”

[Inputs from Reuters]