Tata Steel will stop doing business with Russia

Mumbai: Tatas, one of the world’s best-known Indian brands, has severed business ties with Russia as trade fallout from Ukraine’s invasion spreads. On Wednesday, Tata Steel, which defines the legacy of the 154-year-old Tata conglomerate, said it had made a “conscious decision to stop doing business with Russia”.
Earlier, British sister company Jaguar Land Rover (JLR) halted shipments of vehicles to Russia citing “business challenges”. JLR sold over 13,000 luxury vehicles in Russia last year. Tata Steel sourced raw materials, mainly coal, from Russia to produce the metal. “To ensure business continuity, all of our steel manufacturing sites in India, the UK and the Netherlands have found alternative sources of raw materials to end their reliance on of Russia,” the company said.
India did not impose any sanctions on Russia, nor did it criticize its invasion of Ukraine. “The EU will end its trade relationship and our businesses in the UK and the Netherlands are part of that decision,” Reuters reported, citing a Tata Steel executive.
Last week, Infosys, India’s second-largest software services company, said it would move its business out of Russia and pursue other options. Infosys employs less than 100 people in this country. Biggest rival TCS – part of the Tata conglomerate – had said that although it has no business in Russia, it helps customers maintain their business continuity plans and sees an opportunity to increase hiring in Eastern Europe, where it employs around 5,000 people. people. “A lot of people have migrated from Ukraine to countries like Poland and Hungary. They are asking for jobs, which gives us an opportunity to increase local hiring there,” said TCS CEO, Rajesh Gopinathan.
Sister company Tata Power, which secured a mining license for a thermal coal mine in Russia’s Kamchatka province for $4.7 million in 2017, recently filed for cancellation.

Comments are closed.