The Maduro era in Venezuela has ended following a US military operation. Nicolas Maduro has been arrested from the presidential palace and brought to America. As a result, political instability in this Latin American country is now at its peak. However, the Global Trade Research Initiative has stated that this situation in Venezuela will not have a very deep impact on India's economy. Nevertheless, it is believed that several Indian companies may be affected by this situation, as these companies had commercial relations with Venezuela.
State-owned oil company ONGC has 2 oil projects in Venezuela. Therefore, this company has a direct presence in that Latin American country. Reliance Industries Limited has been a buyer of Venezuelan fuel oil for a long time. International brokerage firms believe that if America establishes control over Venezuelan oil in the coming days, this company could benefit.
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Indian Oil Corporation (IOCL) is a consortium partner in Venezuela's Carabobo oil project. Additionally, Oil India is also a partner in a Venezuelan project, though this partnership is very minimal. Mangalore Refinery and Petrochemicals used to import crude oil from Venezuela in the past, although that quantity has now decreased significantly. Engineers India has an office in Venezuela's capital, Caracas.
Besides the energy sector, several Indian pharmaceutical companies may also be affected by Venezuela's unstable situation. This list includes companies like Sun Pharma, Glenmark Pharma, and Cipla. Cipla supplies a significant number of essential medicines to this Latin American country. Glenmark and Sun Pharma conduct their business in Venezuela through registered subsidiary companies. While Dr Reddy's has a presence in that country, their current operational situation has decreased considerably.
