BENGALURU:- Tata Steel (TISC.NS), India’s largest steelmaker by revenue, announced on Wednesday that it will no longer do business with Russia due to the country’s invasion of Ukraine.
“Tata Steel has no operations or employees in Russia. We have made the conscious decision to discontinue doing business with Russia “In a statement, the company stated.
For its steelmaking process, the company imports coal from Russia.
Tata Steel is one of only a few Indian companies that have stopped doing business with Russia, despite the fact that India has not condemned the invasion and has not imposed sanctions on Moscow.
Infosys, India’s No. 2 software services firm, announced last week that it would withdraw from Russia.
Western allies have urged India to speak out against the war. Several Western companies have withdrawn from Russia.
According to the company, all of Tata Steel’s manufacturing sites in India, the United Kingdom, and the Netherlands have sourced alternative raw material supplies to reduce their reliance on Russia.
“They (the EU) will end their business ties, and our businesses in the UK and the Netherlands are part of that decision,” said a senior Tata Steel executive who declined to be named. According to the executive, the amount of coal sourced from Russia is “miniscule.”