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Tata Steel at Infosys: Indian companies are leaving Russia

Tata Steel, one of India’s biggest 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 Europe, said it had a plan in place to ensure minimal disruption to its business.
All “our steel manufacturing sites in India, the UK and the Netherlands have found alternative sources of raw material supply to end its dependence on Russia”, a- he added in a press release, without providing an answer. any other details.

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

His announcement comes just days after Infosys (INFI)one of India’s biggest tech companies, said it had started moving its operations out of Russia.
“Given what is happening in the region, we have started to transfer all our work from our centers in Russia to our center outside of Russia,” Infosys CEO Salil Parekh told reporters. Last week.

“We are also providing assistance for the retraining of displaced people and, as they move to other geographical areas, if they can work in some of our sites in Eastern Europe,” he added. .

Over the past two months, dozens of companies around the world have suspended, discontinued or reduced their activities in Russia.

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The cessation of operations by the Indian corporate giants comes at a time when New Delhi reportedly stepped up its purchases of Russian oil, which is now trading at a steep discount due to Western sanctions.
Unlike the West, the South Asian country – which has a long-standing relationship with Moscow – did not impose sanctions on Moscow and this month abstained in a vote to withdraw Russia from the UN Human Rights Council. More than 50% of the country’s military equipment comes from Russia.

As the United States continues to try to rallying the world behind crippling economic sanctions on Moscow, India has also not backed down on purchases of Russian energy oil or gas, defending its position by underscoring Europe’s continued dependence on imports from Russia.

US Secretary of State Antony Blinken said earlier this week that “India must make its own decisions on how it approaches” the Russian war in Ukraine.

The senior US diplomat noted that “India’s relationship with Russia has grown over decades, at a time when the United States was unable to be a partner of India.”

But “times have changed,” Blinken added, and the United States is “able and willing to be a partner of choice with India”.

— Manveena Suri in New Delhi contributed to this report.


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