Tata Steel will stop doing business with Russia amid the
ongoing conflict with Ukraine, the company said on Wednesday.

In a statement, a company spokesperson said “Tata
Steel does not have any operations or employees in Russia. We have taken a
conscious decision to stop doing business with Russia”.

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In order to ensure business continuity, Tata Steel’s all
manufacturing units in India, the United Kingdom and the Netherlands have
secured alternative supplies of raw materials to end their dependence on
Russia, the company said. The company imports coal from Russia for its
steelmaking process.

India’s largest steelmaker, Tata Steel is among only a
handful of Indian companies that have stopped business with Russia. The
development comes even after India abstains from condemning the Russian
invasion of Ukraine and has not imposed any sanctions on Moscow.

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Last week, software services giant, Infosys said that it
would halt business operations in Russia. Infosys CEO Salil Parekh said that
the company does not do any business with Russian clients and has no plans of
doing so going ahead as well.

“Given what is going on in the region, we have
started to transition all of our work from our centre in Russia to our centres
outside Russia.” The company has less than 100 employees in Russia, he
informed.

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On April 18, Tata Steel announced that the board of
directors will meet on May 3 to consider a proposal to split its stock value of
Rs 10 per share.

The decision will be subject to regulatory, statutory and
shareholder approvals, the company said. It did not disclose the stock split
ratio.

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Tata Steel board will also consider the company’s
quarterly and annual earnings at the meeting along with a dividend payout, it
said.

On Wednesday, Tata Steel shares closed 10.70 points or
0.81% down at Rs 1,315.90.