Infosys plays down Russia ties after Rishi Sunak grilled over wife's stake | Mint
Active Stocks
Mon Feb 26 2024 15:59:59
  1. Tata Steel share price
  2. 142.60 -1.99%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. HDFC Bank share price
  2. 1,422.25 0.10%
  1. ITC share price
  2. 409.20 -0.58%
  1. State Bank Of India share price
  2. 759.00 -0.05%
Business News/ Companies / News/  Infosys plays down Russia ties after Rishi Sunak grilled over wife's stake
BackBack

Infosys plays down Russia ties after Rishi Sunak grilled over wife's stake

Infosys, with a market value of some $100 billion, was co-founded by Sunak's father-in-law N. R. Narayana Murthy. His daughter Akshata Murthy, Sunak's wife, owns a stake worth around $1 billion.

On Friday, Infosys shares were down 0.46% at ₹1,878 apiece on NSE (Bloomberg)Premium
On Friday, Infosys shares were down 0.46% at 1,878 apiece on NSE (Bloomberg)

India's Infosys played down its business ties in Russia on Friday after British finance minister Rishi Sunak came under fire over his wife's stake in the IT giant.

Infosys, with a market value of some $100 billion, was co-founded by Sunak's father-in-law N. R. Narayana Murthy. His daughter Akshata Murthy, Sunak's wife, owns a stake worth around $1 billion.

With Britain and others seeking to isolate Russia economically over its invasion of Ukraine, Sunak was grilled in an interview with Sky News on Thursday about Infosys and his wife's share.

Asked if Infosys was also reducing its presence in Russia, Sunak said: "I have absolutely no idea because I have nothing to do with that company."

"I am an elected politician and I'm here to talk to you about what I am responsible for, my wife is not," he said.

Infosys also issued a statement saying that it had committed $1 million towards relief efforts for victims of the war.

"Infosys has a small team of employees based out of Russia, that services some of our global clients, locally. We do not have any active business relationships with local Russian enterprises," it said.

New Delhi and Moscow have had close ties since the Cold War, with the Indian military still heavily dependent on Russian equipment.

India has stopped short of condemning Russia's invasion, abstaining several times in votes at the United Nations and continuing to buy Russian oil.

President Vladimir Putin has been a regular visitor to India, most recently in December in a rare overseas trip when he called India "a great power, a friendly nation and a time-tested friend".

Putin also visited the corporate headquarters of Infosys in Bangalore in 2004 and was welcomed by co-founder Murthy, who has since retired.

Akshata Murthy and Sunak's wealth -- they own at least four properties -- has already raised questions in the British media with ordinary Britons suffering painful rises in the cost of living.

Some of Murthy's lavish reported presents to her husband, including a £180 "smart mug" and £95 sliders, have already caused the 41-year-old -- tipped as a possible future prime minister -- embarrassment.

ng-abh-stu/leg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Mar 2022, 04:45 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App