The United States government sanctioned six India-based companies for purchasing petrochemical products from sanction-hit Iran, after Donald Trump imposed a 25 percent tariff on Indian goods and levied additional penalty on New Delhi for purchasing Russian oil.
According to an official statement, the US Department of State announced sanctions on 20 entities spread globally—which includes six Indian companies—engaged in trading and purchase of Iranian petroleum, petroleum products, or petrochemical trade. The US government also identified 10 vessels as blocked property.
The six Indian companies blocked by the US include Kanchan Polymers, Alchemical Solutions Private Limited, Ramniklal Gosalia and Company, Jupiter Dye Chem Private Limited, Global Industrial Chemicals Limited, Persistent Petrochem Private Limited.
Alchemical Solutions Private Limited
A Mumbai-based private company, Alchemical Solutions was incorporated in 2021. Among the six India-based sanctioned companies, Alchemical Solutions had the largest bill for purchasing Iranian petrochemical products.
The US Department of State said that the company imported and purchased Iranian-origin petrochemical products valued at over $84 million from multiple companies between January and December 2024.
Alchemical Solutions' authorized share capital is INR 10.00 lac and the total paid-up capital is INR 1.00 lakh, as of June 2025. Its operating revenue range is between Rs 100 cr - 500 cr for the financial year ending on 31 March, 2023. It's book networth has increased by 16884.89%, according to Toflr data. The company has two directors - Shraddha Talloo Ashutosh and Jerome Cruz.
Kanchan Polymers
Established in 1975, Kanchan Polymers is engaged in manufacturing of vacuum or thermo-formed articles such as AC duct, hospital bed cover, bus AC roof, among others—which requires petrochemicals as raw materials.
The US government said that Kanchan Polymers imported and purchased over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading.
Kachan Polymers' authorized share capital was INR 5.00 lac and the total paid-up capital was INR 4.98 lakh, as of June 2025.
Ramniklal Gosalia and Company
A Mumbai-based company involved in importing and distributing chemicals, Ramniklal Gosalia supplies petrochemicals to several domestic companies including Aegis Chemicals and Asian Peroxide.
The company imported and purchased Iranian-origin petrochemical products valued at over $22 million, including methanol and toluene, from multiple companies between January 2024 and January 2025, the US government said.
Ramniklal Gosalia and Company's authorized share capital was INR 1.00 lakh and the total paid-up capital was INR 1.00 lakh
Jupiter Dye Chem Private Limited
A Mumbai-headquartered entity, Jupiter Dyechem is a part of the Chokhani Group of Companies. Jupiter Dyechem is engaged in supply of petrochemicals in the Indian market and has a client base of more than 350 companies in the sectors ranging from pharmaceutical, agro chemicals, paint and thinners.
The US said that the India-based petrochemical company imported and purchased Iranian-origin petrochemical products valued at over $22 million, including methanol and toluene, from multiple companies between January 2024 and January 2025.
Jupiter Dye Chem's operating revenue range is Over INR 500 cr for the financial year ending on 31 March, 2024. It's EBITDA has increased by 108.74% over the previous year. At the same time, it's book networth has increased by 6.56%.
According to Volza data, its subsidiary Jupiter Petrochem DMC, imported 469 shipments from 71 suppliers as per historical data. The main sources for these imports were United Arab Emirates, the Iraq, and Saudi Arabia. Its leading suppliers for these imports were Petro Star Fze , Gulf Oil Gas Middle East Fzc, and Ebs Gpg Aria Fze.
Global Industrial Chemicals Limited
Incorporated in 2023, Global Industrial Chemicals is a private company registered in Mumbai.
The US said the company imported and purchased Iranian-origin petrochemical products, including methanol, valued at over $51 million from multiple companies, between July 2024 and January 2025.
Global Industrial Chemicals' authorized share capital is INR 9.99 cr and the total paid-up capital is INR 3.36 cr. The company has three directors - Nishant Vivek Bhide, Amit Ambratlal Nirankari, and Shubham Sharma.
Persistent Petrochem Private Limited
Perisitent Petrochem is a Mumbai-based private company incorporated in December 2022.
The US said the India-based company imported approximately $14 million worth of shipments containing Iranian-origin petrochemicals, such as methanol, from multiple companies, including from Bab Al Barsha, with shipping dates between October 2024 and December 2024.
Perisitent Petrochem's authorized share capital is INR 1.00 lac and the total paid-up capital is INR 1.00 lac. The company has two directors - Nishikant Ghanshyam Deo and Sachin Harishchandra Kamdi.
The other US sanctioned companies for trading in Iranian petroleum products are based out of China, Turkey, United Arab Emirates (UAE) and Indonesia.
Backing the move, the US government said, “The Iranian regime continues to fuel conflict in the Middle East to fund its destabilizing activities. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people.”
The US said that all property and interests in property of the sanctioned entities that are in the United States or in possession or control of US persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control (OFAC).
To be sure, US President Trump on July 30 announced 25 percent tariffs and an additional penalty against India for purchase of Russian defence equipment and energy ahead of the August 1 deadline.
India-Iran energy ties
Once India’s third-largest crude oil supplier, New Delhi currently does not source oil or petroleum products from Iran.
Prior to the US sanctions re-imposed by the Trump administration in 2018, Iran was the third-largest crude oil supplier to India, till 2018-19. After the fresh sanctions slapped by Trump on Iran, Indian oil refiners curbed oil purchases from Tehran.
In 2025, several Indian entities faced US scrutiny for failing to comply with sanctions against Tehran and involvement in shipping Iranian oil and petroleum products. This includes Indian billionaire Gautam Adani’s conglomerate.
In June, a Wall Street Journal report said the US is investigating if the Adani Group imported Iranian liquified petroleum gas (LPG) into India through its Mundra port in Gujarat, in violation of sanctions on Iran. The Indian companies later refuted the allegations calling the report an ‘intentional act to injure the reputation and interests’ of the group.
Meanwhile, on April 11, The US sanctioned a United Arab Emirates-based Indian national and two India-based entities operating as part of Iran's ‘shadow fleet’ and involved in shipping Iranian oil.
In February this year, the US also sanctioned four Indian companies for their alleged involvement in the trade and transportation of Iranian crude oil and petroleum products.
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