Infosys moves business out of Russia over Ukraine war

NEW DELHI: IT services company Infosys is poised to shut down operations in Russia and relocate its business elsewhere amid the ongoing conflict with Ukraine.
In doing so, Infosys joins several other global competitors such as Oracle Corp and SAP SE to exit Russia.
Infosys CEO Salil Parekh updated the media on the company’s fourth-quarter results, assuring that the company is currently not doing business with Russian customers and has no plans to do so.
“Given the situation, we have started moving our business and all our work from the centers in Russia to outside Russia,” Parekh said.
The announcement comes days after UK Treasury Secretary Rishi Sunak was accused of conflicts of interest as his wife Akshata Murty owns a nearly $1 billion stake in the IT company. Akshata is the daughter of Infosys founder NR Narayana Murthy.
Sunak has been accused of profiting financially from Infosys operations in Russia through his wife’s share, even after tough British sanctions against Moscow in response to the invasion of Ukraine.

Infosys’ activities in Russia came under scrutiny after Sunak called on companies to boycott the country.
At the briefing, Parekh further said that the company has fewer than 100 employees in Russia and will help them in the transition process.
“We have no customers in Russia. The work we do is for some of our global clients operating in Russia. Working with our clients, we’re in the process of … we’ve initiated how we can transition some of this work, all of this work outside of Russia,” Parekh said.
He added that the company is very concerned about developments in the region and would help its employees in Russia to relocate and work in other regions, particularly in Eastern Europe.
The Bengaluru-headquartered company reported net income (after minority interests) of Rs.
While the Q4 results scorecard reflects net income growth of 12 percent year-on-year, the numbers are 2 percent lower than in the December quarter.
(With contributions from agencies)

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