BENGALURU - Tata Steel will stop doing business with Russia, India's largest 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.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.Western allies have called for India to speak out against the war.
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 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.