Infosys Technologies

History

2023: Stock collapse

On April 17, 2023, it became known that the wife of British Prime Minister Rishi Sunak Akshat Murthy lost about $61 million. This happened after a sharp drop in the value of shares of a large Indian company Infosys. Read more here.

2022

Continued work in Russia despite resignation

The Indian IT company Infosys continues to operate in Russia despite the resignation letter. This was reported on November 4, 2022 by the British newspaper The Guradian, citing its informed sources.

Infosys retains a staffed office and pays subcontractors in Moscow to provide IT services for a global client, they said, although a company spokesman said they were going to break the arrangement.

Infosys continues to work in Russia

An Infosys spokesman said that since the beginning of the year, the company has taken several steps to suspend operations in Russia, and all Infosys employees supporting client projects have been fired.

Infosys does not have active relations with local Russian enterprises. The process of transferring several remaining partners and administrative personnel is underway, the company said.

The co-founder of Infosys is the father of the wife of the new British Prime Minister Rishi Sunak. In light of reports that the business of the family of Sunak's wife is still in the Russian Federation, Angela Rayner, deputy chairman of the opposition British Labor Party, said in early November 2022 that the new prime minister "could not restore order in his own house," but at the same time preaches to the rest. Sunak himself said that he knew nothing about the company, and its work in Russia was "her business."

In April 2022, The Guardian sources at the company reported that its management was trying "urgently" to close its office in Russia. According to the interlocutors of the newspaper, seven months after that, the administrative staff continues to work in the Moscow office. Sources said the remaining staff were tasked with removing the IT equipment before moving to India or disposing of it in some "sustainable" way.^[1]

Withdrawal from the Russian market

On April 13, 2022, the Indian IT company Infosys announced its withdrawal from the Russian market amid accusations of a conflict of interest against British Finance Minister Rishi Sunak. His wife Akshata Murthy owns about $1 billion in Infosys shares, the Indian company was founded by her father Nagavara Ramarao Nara.

Given what is happening in the region, we began to transfer all our work abroad from centers in Russia, Infosys Executive and Managing Director Salil Parekh told reporters. - Today we do not have a single Russian client, and we do not plan to work with any customers from the Russian Federation.

On April 13, 2022, the Indian IT company Infosys announced its withdrawal from the Russian market amid accusations of a conflict of interest against British Finance Minister Rishi Sunak.

According to Parekh, by April 13, 2022, Infosys has less than 100 employees (worked in an office in Moscow), the Russian representative office serves clients around the world. Clients include Bank of America, Johnson & Johnson, Accenture and Deutsche Bank.

We will help employees in Russia move and find work in other representative offices, especially in Eastern Europe, Salil Parekh said. Infosys allocated $1 million for humanitarian aid to Ukrainians.

In early April 2022, the British broadcasting corporation BBC announced that Infosys plans to close its representative office in the Russian Federation. This happened after several representatives of the British opposition criticized Rishi Sunak for the fact that his wife makes a profit through a share in a company that continued to work in the Russian Federation after the start of a military special operation in Ukraine. As the minister pointed out, his wife does not influence the decisions made by Infosys. According to the BBC, Sunak's spouses receive annual dividend payments on shares, which last year amounted to 11.6 million pounds sterling (more than $15.2 million).^[2]

2017: Participation in collusion to understate salaries

Major Indian IT companies, including Infosys, have formed a cartel to keep the salaries of aspiring engineers low, said IT industry veteran former Infosys CFO Mohandas Pai. Read more here.

2012

One of the largest Indian IT outsourcers Infosys is preparing to invest up to $500 million in the purchase of an unnamed European competitor. The company says it may make another attempt to take over the British Axon Group, which Infosys was going to buy back in 2008 for 407 million pounds.

Recall that earlier Infosys has already invested $115 million in the purchase of its stake in Progeon from Citigroup and now fully controls the last company specializing in IT infrastructure support. At the same time, Infosys says that they have not yet decided on the final goals for purchases and do not exclude a scenario in which the company will make several acquisitions worth $30-50 million each.

Earlier, Satyam Computer Services, which also operates in the Indian IT outsourcing market, also spoke about its interest in acquisitions in the European IT market. Satyam Senior Vice President Lakshmanan Chidambaram, does not name the European company but says negotiations are in the final stages and the company itself is very well known in its industry. He said Satyam plans to spend up to $150 million on the takeover. Tech Mahindra confirmed Satyam's interest in acquisitions, saying that their daughter now has about $353 million on her account and the company can afford to let at least half of this money go to M & A.

The Satyam press service says that the company is really interested in transactions in the aerospace industry, but it is also interested in the retail sales, tourism, cargo transportation and consumer products.

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