BUSINESS

U.S. lawmakers ask Ex-Im Bank to suspend aid to Reliance Industries

WASHINGTON: A group of U.S. Congressmen have asked the country’s Export-Import Bank to suspend $900 million worth assistance to Reliance Industries (RIL) until the Mukesh Ambani-led Indian conglomerate stops business with Iran.

In a statement issued here, Congressman Brad Sherman said that he along with a “bipartisan group of House colleagues” have sent... letter to the Ex-Im President calling on the bank to suspend assistance for RIL, until it agrees to stop selling gasoline to Iran.

The letter also calls on Ex-Im to do a better job in future to ensure that the projects it supports are not in conflict with U.S. national interests.

Ex-Im has approved two separate loan guarantees worth $900 million. Ex-Im’s assistance was approved to help finance the expansion of Reliance’s refining complex at Jamnagar, the very facility that provides Iran with gasoline. — PTI