India’s Tata Steel to stop doing business with Russia

A labourer stands outside a Tata Steel stockyard in the northern Indian city of Chandigarh May 23, 2013. Tata Steel Ltd, India’s largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region. REUTERS/Ajay Verma (INDIA – Tags: ENERGY BUSINESS EMPLOYMENT)

Register now for FREE unlimited access to

BENGALURU, April 20 (Reuters) – Tata Steel (TISC.NS) will stop doing business with Russia, India’slargest steelmaker by revenue said on Wednesday, 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.

Register now for FREE unlimited access to

Tata Steel is among only a handful of Indian companies that have halted business with Russia, with the move coming even as India abstains from condemning the invasion and has not imposed sanctions on Moscow.

Infosys (INFY.NS), India’s No. 2 software services firm, said last week it would move business out of Russia. read more

Western allies have called for India to speak out against the war. Several Western companies have withdrawn from Russia.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, the company said.

“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”.

Register now for FREE unlimited access to

Reporting by Chris Thomas in Bengaluru and Neha Arora in New Delhi; Editing by Anil D’Silva and Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.

Go to the Source Link

About Admin

Check Also

Russia slaps sanctions on 31 Western, Singapore energy firms

Russia slaps sanctions on 31 Western, Singapore energy firms

MOSCOW: Russia has imposed sanctions on more than 30 EU, US and Singaporean energy companies …

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.