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Article

23 Apr 2022

Author:
Diksha Madhok, CNN

Two of India’s biggest companies join exodus from Russia, while govt. reportedly steps up its purchase of Russian oil

Some big Indian businesses are joining the exodus from Russia, 22 April 2022

Two of India's biggest businesses are moving away from Russia, even as Prime Minister Narendra Modi refrains from taking a tough stance against Moscow over the war in Ukraine.

Tata Steel, one of the largest steelmakers in India, said on Wednesday that it has "taken a conscious decision to stop doing business with Russia."

The company, which is also one of the biggest steel producers in Europe, said it has a plan in place to ensure minimal disruption to its business...

Its announcement comes just days after Infosys (INFY), one of India's largest tech companies, said that it has started moving its operations out of Russia.

"Given what is going on in the region, we have started to transition all of our work from our centers in Russia to our center outside Russia," Infosys CEO Salil Parekh told reporters last week.

"We are also providing some assistance for re-skilling of individuals that are displaced and, seeing as they move to other geographies if they can work in some of our locations in eastern Europe," he added...

The halting of operations by the Indian corporate giants comes at a time when New Delhi is reportedly stepping up its purchases of Russian oil, now trading at a heavy discount because of Western sanctions...

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