India’s Tata Steel to stop doing business with Russia
Agencies | New Delhi
The Daily Tribune – www.newsofbahrain.com
Tata Steel (TISC.NS) will stop doing business with Russia, India’slargest steelmaker by revenue said yesterday making it the latest global company to cut ties with the country for invading 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. The company imports coal from Russia for its steelmaking process. Infosys, India’s No. 2 software services firm, said last week it would move business out of Russia.
All of Tata Steel’s manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its 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 who declined to be named. The executive said sourcing of coal from Russia was “miniscule”.
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