'Conscious decision': Indian multinational Tata Steel to stop doing business with Russia amid Ukraine war
To ensure business continuity, the company's steel manufacturing sites in India, the UK and Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, Tata Steel said
Indian multinational Tata Steel on Wednesday said it will stop doing business with Russia amid the ongoing conflict with Ukraine.
In a statement, a company spokesperson said: "Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia".
To ensure business continuity, all of the company's steel 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.
The Mumbai-headquartered company imports coal from Russia for its steelmaking operations across the world.
While major Western companies have halted business with Russia, Indian firms have mostly refrained from doing so.
More from BusinessLast week, India's leading IT services firm Infosys announced it would move business out of Russia.
India has taken a neutral stand on the Russia-Ukraine conflict. It has abstained from voting against Moscow at the United Nations and has instead called for a diplomatic resolution.
With inputs from agencies
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