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Infosys to move business out of Russia over Ukraine war – Times of India

NEW DELHI: IT services firm Infosys is all set to halt operations in Russia and move business to an alternate location amid the ongoing conflict with Ukraine.
With this, Infosys has joined several other global peers like Oracle Corp and SAP SE to move out of Russia.
Briefing the media on the company’s Q4 results, Infosys CEO Salil Parekh asserted that the firm is not engaged in any business with Russian clients at present, nor has any such plans going ahead.
“Seeing the situation we have started the transition of our business and all of our work from the centres from Russia to outside Russia,” Parekh said.
The announcement comes days after conflict of interest accusations were levelled at UK finance minister Rishi Sunak since his wife Akshata Murty holds a nearly $1 billion stake in the IT firm. Akshata is the daughter of Infosys founder N R Narayana Murthy.
Sunak was accused of financially benefiting from Infosys operations in Russia through his wife’s stake, even in the wake of stiff British sanctions against Moscow in response to the invasion of Ukraine.
Infosys’ Russia operations had started to come under scanner after Sunak’s call to companies to boycott the country.
Speaking at the briefing, Parekh further said that the company has less than 100 employees in Russia and will help them in the transition process.
“We don’t have clients in Russia. The work we do is for a few of our global clients that have operations in Russia. Working with our clients, we are in the process… we’ve initiated, how we can transition some of that work, all of that work outside of Russia,” Parekh said.
He added that the company is very concerned about the development in the region and would help its employees in Russia to relocate and work in other geographies, especially in East Europe.
The Bengaluru-headquartered company posted net profit (after minority interest) of Rs 5,686 crore in the just-ended quarter against Rs 5,076 crore in Q4 FY21.
While the Q4 results scorecard reflects a 12 per cent year-on-year growth in net profit, the numbers are 2 per cent lower than the December quarter.
(With inputs from agencies)