Tata Steel will stop doing business with Russia, India’s largest steel maker 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.
The company imports coal from Russia for its steelmaking process.
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.
Infosys, India’s No. 2 software services firm, said last week it would move business out of Russia. Western allies have called for India to speak out against the war. Several Western companies have withdrawn from Russia.
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 (EU) will end their business ties and our businesses in the UK and the Netherlands are a part of this decision,” said a senior Tata Steel executive who declined to be named. The executive said sourcing of coal from Russia was “minuscule”.
Price of wheat export
The Centre’s wheat procurement declined 32 per cent to 69.24 lakh tonnes till April 17 of the current rabi marketing year as private companies are buying grains aggressively for exports, according to official sources.
There is a huge demand for Indian wheat amid sharp decline in availability of the grain in the global market due to the ongoing conflict between Russia and Ukraine. Both nations are major producers and exporters of wheat
Earlier this month, food secretary Sudhanshu Pandey said traders have entered into contracts for export of 3-3.5 million tonnes (mt) of wheat during the April-July quarter of the current fiscal. The country is estimated to have exported over 7mt in 2021-22.
The rabi marketing season runs from April to March but the bulk of procurement ends by June. FCI and other state agencies undertake procurement at a minimum support price to meet the requirement of ration shops.
The Centre has set a target to procure 444 lakh tonnes of wheat in the 2022-23 marketing year against 433.44 lakh tonnes in the previous marketing year.