India’s leading steel company Tata Steel has decided to close its business in Russia. At the same time, Tata Steel has joined the ranks of companies around the world that have stopped doing business in Russia since the invasion of Russia Ukraine war.
A Tata Steel spokesperson said on Wednesday, “Tata Steel has no operations in Russia and no employees there.
We have announced a deliberate closure of trade with Russia. All production plants have alternative arrangements for raw materials. The dependence on Russia for this is over. “
Tata Steel has joined the calculation companies that have severed ties with Russia following the Ukraine war. India, on the other hand, has so far refrained from directly criticizing Russia. India has not imposed any sanctions on Russia.
Infosys shuts down business
Last week, Indian IT company Infosys also announced the closure of its business in Russia. India has been asked by many Western countries, including the US, to speak out against Russia.
Many Western companies have already closed their businesses in Russia.
A Tata Steel executive said: “The EU countries are going to complete the relationship with Russia. Our steel plants in England and the Netherlands will be part of this decision.
So instead of buying raw materials from Russia for these plants we have made alternative arrangements. We used to buy a limited amount of coal from Russia. “
TCS loses crown of Tata Group’s highest-earning company
TCS has snatched the crown of Tata Group’s most valuable company for half a decade. Tata Steel, the oldest company in the Tata group, has now replaced TCS.
TCS has also been the highest earning company of the Tata Group.
Tata Steel had posted a net profit of Rs 31,914 crore in the first three quarters of last year.
That is more than TCS’s profit of Rs 28,490 crore. This trend is expected to continue in the future.
Tata Steel’s board meeting is scheduled for May 3. The meeting will discuss the company’s consolidated outcome.
The company’s board may also declare a dividend. Stock split may also be decided during the meeting.