May 18, 2022

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Tata Steel to Infosys: Indian companies withdraw from Russia

Tata Steel to Infosys: Indian companies withdraw from Russia

Tata Steel, one of India’s largest steelmakers, said on Wednesday it had “made a conscious decision to stop doing business with Russia”.

The company, which is also one of the largest steel producers in EuropeIt has a plan to ensure minimal disruption to its business.
“All of our steel fabrication sites in India, the UK and the Netherlands have been given alternative supplies of raw materials to end their dependence on Russia,” it added in a statement. statmentwithout presenting Any other details.

Tata Steel is part of the Tata Group, one of the largest multinational conglomerates in India.

Announcement coming only a few days later Infosys (INFY)One of India’s largest tech companies, said it had begun moving its operations outside Russia.
Salil Parekh, CEO of Infosys reporters last week.

“We are also providing some assistance to rehabilitate displaced people, and see if they can work in some of our locations in Eastern Europe as they move to other geographies,” he added.

In the past two months, Dozens of companies From all over the world they have suspended, abandoned or reduced their business in Russia.

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Operations stopped by Indian Corporate giants come at a time when New Delhi he is It reportedly increased its purchases of Russian oilIt is now trading at a huge discount due to Western sanctions.
Unlike the West, the South Asian country – which has a long-standing relationship with Moscow – He did not impose sanctions on Moscow and This month he abstained from voting to remove Russia from the United Nations Human Rights Council. more than 50% of the country’s military equipment It comes from Russia.

While the United States continues to try Rallying the world behind tough economic sanctions on Moscow, India also did not back down from its purchases of Russian energy oil or gas, and defended its position by pointing to Europe’s continued dependence on imports from Russia.

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US Secretary of State Anthony Blinken said earlier this week that “India has to make its own decisions about how it handles” Russia’s war in Ukraine.

The chief US diplomat noted that “India’s relationship with Russia developed over decades, at a time when the United States was not able to be a partner of India.”

But “times have changed,” Blinken added. And The United States is “able and willing to be a preferred partner with India.”

Manvina Suri in New Delhi contributed to this report.