Tata Steel Stopping Business With Russia: India’s major steel company Tata Steel has taken a big decision in the midst of the Russia-Ukraine War. Tata Steel has said that it will stop doing business with Russia. The Indian steel major has given information about this on Wednesday.
This decision was taken because of the war
The European arm of Indian steel giant Tata Steel on Wednesday said it would stop doing business with Russia. Let us tell you that there is a new global company to cut ties with the country to attack Ukraine.
decided to close the business
Tata Steel said in a statement, “Tata Steel has no operations or employees in Russia. We have made the conscious decision to close business with Russia.”
raw material supply
Tata Steel said all the company’s steel manufacturing sites in India, the UK and the Netherlands have made alternative supplies of raw materials to eliminate their dependence on Russia.
The company is considering to distribute the shares
Let us tell you that the Board of Directors of Tata Steel will consider the proposal to distribute the shares of the company on May 3. The company has recently given information about this. The company has said that its board of directors will meet on May 3 to consider the financial results for the financial year ended March 31, 2022. The company said that in the meeting, it will be considered to split the shares of face value of Rs 10 in the manner decided by the board of directors. For this, apart from regulatory approvals, the approval of the shareholders will also be taken. In the meeting, the board of directors can also recommend dividend for the financial year 2021-22.