Tata Steel to discontinue operations in Russia

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Tata Steel to discontinue operations in Russia
On April 20, TataSteel, India's biggest steelmaker by revenue, said that it would no longer do business with Russia due to the country's invasion of Ukraine.

"Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia," the company said in a statement.

For its steelmaking process, the company imports coal from Russia.

Tata Steel is one of just a few Indian corporations that have stopped doing business with Russia, despite the fact that India has not condemned the invasion and has not put sanctions on Moscow.

Infosys, India's second-largest software services provider, said last week that it would withdraw from Russia.

Western allies have urged India to speak out against the conflict. Several Western companies have pulled out of Russia.

According to the firm, all of Tata Steel's production plants in India, the United Kingdom, and the Netherlands have acquired alternate raw materials to reduce their dependence on Russia.

"They (EU) will end their business ties and our businesses in UK and Netherlands are a part of this decision," said a senior Tata Steel executive.

SOURCE : https://www.stuffsearth.com/