US strikes Venezuela: 10 Indian firms that could see an impact
The United States’ military action against Venezuela has renewed attention on Indian listed companies with varying degrees of exposure to the Latin American nation through energy assets, crude trade, engineering services, and pharmaceutical operations.
The strikes, which targeted Venezuela’s air defence systems and followed months of escalating pressure on President Nicolas Maduro's government, have heightened investor uncertainty. Here is a full list of companies with exposure to or a presence in Venezuela.
India’s exposure to Venezuela spans multiple sectors, led by oil and gas. ONGC holds equity stakes in two oil projects in the country, giving it a direct upstream presence. On the refining side, Reliance Industries ( RIL) has historically been a major importer of Venezuelan crude. According to international brokerage Jefferies, both companies are seen as key beneficiaries of a prospective US-led takeover and restructuring of Venezuela’s oil industry.
Analysts argue that both companies stand to gain in terms of supplies, cash flows, and, over time, valuations if sanctions on Caracas are eased or lifted. Reliance Industries hit a record high on Monday, while ONGC pared gains to end about 2% lower.
Indian Oil Corporation is a consortium partner in Venezuela’s Carabobo heavy oil project and has exposure through equity participation. Oil India is a minority partner in a Venezuelan oil joint venture alongside ONGC and Indian Oil.
Mangalore Refinery and Petrochemicals has also sourced Venezuelan oil in the past. Any disruption to Venezuela’s oil production, exports, or logistics following the US strikes could therefore affect these companies.
Beyond energy, Engineers India maintains an overseas office in Caracas to support its international business activities, giving it an on-ground presence in the country.
Indian pharmaceutical companies also feature among those with links to the country. Sun Pharma has a registered Venezuelan subsidiary, while Glenmark Pharma operates in Venezuela through a locally registered subsidiary. Cipla has historically exported essential medicines to Venezuela, indicating trade exposure. Dr Reddy’s Laboratories earlier had a subsidiary in the country but divested its entire stake in 2024, reducing its current exposure.
On the metals front, Jindal Steel operates Venezuela’s largest iron ore complex, giving it significant exposure to the country.
The US operation, which involved disabling Venezuela’s air defence systems and a swift military raid in Caracas that resulted in the capture of President Nicolas Maduro, has drawn mixed international reactions. The United Nations and several legal experts have raised questions over the legality of the action.
For Indian companies with links to Venezuela, the latest developments underscore the risks associated with geopolitical flashpoints and cross-border operations, particularly in regions marked by prolonged political and economic instability.
The strikes, which targeted Venezuela’s air defence systems and followed months of escalating pressure on President Nicolas Maduro's government, have heightened investor uncertainty. Here is a full list of companies with exposure to or a presence in Venezuela.
India’s exposure to Venezuela spans multiple sectors, led by oil and gas. ONGC holds equity stakes in two oil projects in the country, giving it a direct upstream presence. On the refining side, Reliance Industries ( RIL) has historically been a major importer of Venezuelan crude. According to international brokerage Jefferies, both companies are seen as key beneficiaries of a prospective US-led takeover and restructuring of Venezuela’s oil industry.
Analysts argue that both companies stand to gain in terms of supplies, cash flows, and, over time, valuations if sanctions on Caracas are eased or lifted. Reliance Industries hit a record high on Monday, while ONGC pared gains to end about 2% lower.
Indian Oil Corporation is a consortium partner in Venezuela’s Carabobo heavy oil project and has exposure through equity participation. Oil India is a minority partner in a Venezuelan oil joint venture alongside ONGC and Indian Oil.
Mangalore Refinery and Petrochemicals has also sourced Venezuelan oil in the past. Any disruption to Venezuela’s oil production, exports, or logistics following the US strikes could therefore affect these companies.
Beyond energy, Engineers India maintains an overseas office in Caracas to support its international business activities, giving it an on-ground presence in the country.
Indian pharmaceutical companies also feature among those with links to the country. Sun Pharma has a registered Venezuelan subsidiary, while Glenmark Pharma operates in Venezuela through a locally registered subsidiary. Cipla has historically exported essential medicines to Venezuela, indicating trade exposure. Dr Reddy’s Laboratories earlier had a subsidiary in the country but divested its entire stake in 2024, reducing its current exposure.
On the metals front, Jindal Steel operates Venezuela’s largest iron ore complex, giving it significant exposure to the country.
The US operation, which involved disabling Venezuela’s air defence systems and a swift military raid in Caracas that resulted in the capture of President Nicolas Maduro, has drawn mixed international reactions. The United Nations and several legal experts have raised questions over the legality of the action.
For Indian companies with links to Venezuela, the latest developments underscore the risks associated with geopolitical flashpoints and cross-border operations, particularly in regions marked by prolonged political and economic instability.
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