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Dr Reddy still in talks to do business in Russia despite foreign companies pulling out

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Despite numerous Western corporations withdrawing from Russia in recent days, India’s largest pharmaceutical company, Dr Reddy, guarantees Russia of sustained economic connections.

Despite pressure from the US, no Indian corporation has openly withdrawn from Russia, and New Delhi has refused to criticize Moscow’s invasion of Ukraine.

 

McDonald’s, PepsiCo, Coca-Cola, and Starbucks have all discontinued selling their most well-known items in Russia.

In an email, a Dr. Reddy’s spokeswoman stated, “We have had a presence in the region for over three decades.”

“Our top concern is to ensure the safety and well-being of our employees, as well as to satisfy the demands of our patients and maintain company continuity. Overall, we’re keeping a close eye on the situation and planning accordingly.”

 

It did not indicate whether it will increase or reduce its investments in Russia, which accounted for almost 8% of its overall sales of 189.7 billion rupees (S$3.36 billion) in the fiscal year that ended on March 31.

Pain relievers and other pharmaceuticals are sold in Russia by Dr Reddy, India’s fourth-largest pharmaceutical firm by market value.

It is the exclusive distributor of Russia’s Sputnik Covid-19 vaccines in India.

The company leaders disclosed in January at a health conference that Russia was a “really excellent market” for it and that it was purchasing brands there.

 

Since Russia invaded Ukraine on February 24, shares of the firm, in which JP Morgan Asset Management has the second-largest interest behind Dr Reddy’s Holdings, have declined around 8%. The stock has dropped by a fifth this year, compared to a 6% drop in the Mumbai market.

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