Indian Companies Step Up US Investments Across Steel, Pharma and Energy

A strong new investment trend is taking shape as Indian companies expand their footprint in the United States through manufacturing, industrial modernisation and large development-stage projects. What began as a series of factory expansions has now widened into a broader strategic shift: Indian firms are increasingly choosing to manufacture inside the US rather than serve the market only through exports.

The most striking example is Essar Group’s proposed US$18 billion programme, which includes a US$15 billion integrated steel complex in Iowa and an approximately US$3 billion iron ore mining and pellet project in Minnesota. If executed, it would rank among the largest Indian-backed industrial investments in the US.

In energy, Reliance Industries is linked to the proposed America First Refining project in Brownsville, Texas, a 168,000-barrels-per-day refinery. While Reliance’s exact investment has not been publicly disclosed, reports connect it to a strategic investment and long-term offtake arrangement. Importantly, the widely cited US$300 billion figure refers to long-term commercial value, not plant construction cost.

Among operating industrial players, Welspun Corp has announced US$115 million to expand HSAW spiral pipe capacity in Little Rock, Arkansas, adding 225,000 tonnes per year by March 2028. JSW Steel has outlined a US$255 million investment programme for upgrades in Ohio and Texas, while Sterlite Technologies has announced plans to invest up to US$100 million in US manufacturing. PR Jindal Group has also announced US$87 million for steel pipe manufacturing expansion in Texas and Mississippi.

The trend extends beyond metals. Lupin has proposed a US$250 million pharmaceutical manufacturing investment in Florida, while Abhyuday Bharat Group has announced plans exceeding US$900 million across multiple US manufacturing locations.

Together, these announcements show that Indian investment in the US is no longer isolated or opportunistic. It is becoming a multi-sector strategic trend, driven by market access, supply-chain localisation, infrastructure demand and the desire to build closer to American customers.

Key announced investments

• Essar Group – US$18 billion – Iowa steel complex and Minnesota mining/pellet project
• Reliance Industries / America First Refining – amount not publicly disclosed – Brownsville, Texas refinery linkage
• JSW Steel – US$255 million – modernisation in Ohio and Texas
• Lupin – US$250 million – pharmaceutical plant in Florida
• Welspun Corp – US$115 million – Arkansas HSAW pipe expansion
• Sterlite Technologies – up to US$100 million – connectivity manufacturing
• PR Jindal Group – US$87 million – steel pipe expansion in Texas and Mississippi
• Abhyuday Bharat Group – over US$900 million – multi-site manufacturing investments