Tata Steel To Stop Doing Business With Russia
On Wednesday, Tata Steel announced that they would stop doing business with Russia. Tata Steel is India’s largest steelmaker by revenue-making into the list of latest global companies to cut ties with the country for conquering Ukraine.
In one of the statements, the company said that Tata Steel does not have any operations or employees in Russia. They furthermore added that they had taken a mindful decision to stop doing business with Russia.
The company imported coal from Russia that was further used for its steelmaking process.
Tata Steel is one of the handfuls of Indian companies that have halted business with Russia. The move came even as India brushed aside condemning the invasion and has not enforced sanctions on Moscow.
Infosys, an Indian multinational information technology company that provides business consulting, information technology and outsourcing services, announced last week that it would move its business out of Russia. It is India’s No. 2 software services firm, and if they move out of Russia, it’ll be a shock for the country.
Western allies have asked India to speak out against the war. A lot of western companies have moved out and withdrawn themselves from Russia.
The company said in a statement that all of Tata Steel’s manufacturing sites in India, the UK and the Netherlands had found substitutes for supplies of raw materials to end its dependence on Russia.
A senior executive of Tata steel who declined to be named said that they (EU) would end their business ties and businesses in the UK and Netherlands. He further said that sourcing of coal from Russia was “miniscule”.