The six Indian entities which the US State Department and the Office of Foreign Assets Control (OFAC) has sanctioned for trading in Iranian oil, petroleum products & petrochemicals are small and mid-sized unlisted entities, five of them registered in Mumbai and one in Chennai. These entities are linked to the shipping empire of Mohammad Hossein Shamkhani, son of Ali Shamkhani, top political advisor to supreme leader of Iran Ayatollah Ali Khamenei.
Mumbai firms in spotlight over Iran trade
These Mumbai-based companies include Alchemical Solutions, Ramniklal S Gosalia, Jupiter Dyechem, Global Industrial Chemicals and Persistent Petrochem while Kanchan Polymers is based in Chennai.
Alchemical Solutions, founded in March 23, 2021, has its registered office in Bandra Kurla Complex (BKC) and two directors — Shraddha Talloo and Jerome Cruz — as per filings. Talloo is associated with multiple companies, including G B Farms, Think Crete, RMC, Alchemical Solutions, Chemform Trading and Persistent Petrochem, two of which are in the sanctioned-list.
Ramniklal S Gosalia is in business for the last 7 decades and a distributor of Bharat Petroleum.
“We aspire to be a billion-dollar company by the year 2028,” its website said.
Jupiter Dyechem, founded in 1968, is part of Chokhani Group and employs 85 people in 8 offices across India.
None of these firms are large public enterprises. However, they play vital roles in India’s chemical and manufacturing supply chains.
Wider sanctions network and trade impact
The US sanctions are part of a broader crackdown on entities linked with Iran. The sanctions block operations requiring dollar settlements, international shipping, trade finance, and access to Western insurance and banking.
While the Iranian Embassy in India criticised the move as economic weaponisation, no Indian companies nor the Indian government issued statements on this.
Directors of Persistent Petrochem, also in BKC, are Sachin Harishchandra Kamdi, and Nishikant Ghanshyam Deo. Kamdi was previously a director of Chemform trading and Cher Life Healthcare.
The corporate office of Global Industrial Chemicals is located on the 18th floor of One Lodha Place, an urban commercial premises in Mumbai. Its directors and promoters include Amit Ambratlal Nirankari, Nishant Vivek Bhide and Shubham Sharma. Bhide is also a director at Taurus Lines, Fleet personnel, Taurus Marine and Samson Freight.
Mumbai-based Ensa Ship Management and Surat-based Shreeji Gems were in the OFAC list for connections with Shamkhani’s network. His Dubai-based company, Milavous Group, is accused of illegally generating billions of dollars by selling Iranian and Russian crude globally. Through a network of companies, including the Dubai-based Crios Shipping, he is allegedly also transporting missiles and drone components.
OFAC is a financial intelligence and enforcement agency. It administers and enforces economic and trade sanctions. OFAC also designated more than 50 individuals and entities and identified more than 50 vessels part of Shamkhani’s network. The sanctions freeze any US-based assets of the companies and block access to dollar-based transactions and US-affiliated financial systems.
Ensa corporate office is 4th floor, Wework Spectrum Tower in Malad West, Mumbai. Its key personnel listed are Krishnakumar Vasantbhai Khalasi and Milind Bhagawan Soyam. Shreeji Gems, Jaipur and Surat based firm is specialized in natural gemstones, cabochons, carved stones, loose gemstone and doublet gemstones, since 1986.
Alchemical Solutions allegedly imported $84 million Iranian petrochemical products including methanol, toluene, and polyethylene. Global Industrial Chemicals imported $51 million in Iranian methanol. Jupiter Dye Chem dabbled in $49 million worth of Iranian-origin toluene.
Chennai-based Kanchan Polymers imported about $1.3 million worth of Iranian polyethylene. Ramniklal S Gosalia & Company imported $22 million of methanol and toluene. Persistent Petrochem imported around $14 million in Iranian-origin shipments. Ensa Ship Management is co-owned by Kishankumar Vasantbhai Khalasi, also a director of Torino Ship Management.