Skip to content
Search AI Powered

Latest Stories

Infosys plays down Russia ties

Infosys plays down Russia ties

INDIA's Infosys played down its business ties in Russia after British chancellor 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 NR Narayana Murthy. His daughter Akshata Murty, 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 (24) 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.

(AFP)

More For You

FCA warns against regulatory 'race to bottom' in growth push
Nikhil Rathi
TOLGA AKMEN

FCA warns against regulatory 'race to bottom' in growth push

FINANCIAL REGULATOR has cautioned against compromising regulatory standards while attempting to boost economic growth, revealing the delicate balancing act facing Britain's financial oversight.

In a frank discussion with MPs, the Financial Conduct Authority (FCA) leadership highlighted the challenges of their expanded mandate to promote business competitiveness alongside consumer protection, reported the Times.

Keep ReadingShow less
Sanjay Bhandari's extradition appeal opens in London
Sanjay Bhandari

Sanjay Bhandari's extradition appeal opens in London

SANJAY BHANDARI, a consultant in the defence sector wanted in India on alleged tax evasion and money-laundering charges, began an appeal in the High Court in London against his extradition order.

The 62-year-old businessman had won permission to appeal against a November 2022 Westminster Magistrates’ Court ruling clearing his extradition earlier this year.

Keep ReadingShow less
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)

Murdoch's bid to secure eldest son's control of media empire fails

RUPERT MURDOCH’s attempt to secure control of his media empire for his eldest son, Lachlan, has reportedly failed, according to a US news report on Monday.

The Murdoch family, which oversees influential outlets like Fox News, The Wall Street Journal, and various British and Australian media organisations, has often been compared to the fictional dynasty in the TV series Succession. Like the show, real-life disputes within the Murdoch family have centred on control of the business after Rupert Murdoch’s death.

Keep ReadingShow less
Kamlesh Pattni faces UK sanctions for illicit gold trade
Pattni stands accused of central involvement in the infamous Goldenberg scandal. (Representational image: iStock)

Kamlesh Pattni faces UK sanctions for illicit gold trade

THE UK and US have imposed financial sanctions on Kamlesh Pattni, a British-Kenyan businessman with a controversial financial history. The punitive measures target Pattni and four of his close family members, including his wife and brother-in-law, reported the BBC.

The sanctions, announced by the UK Foreign, Commonwealth and Development Office, will result in the immediate freezing of assets, representing a significant intervention in what officials describe as a complex network of illicit gold trading spanning multiple African nations.

Keep ReadingShow less
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)

India appoints Sanjay Malhotra as new central bank governor

INDIA has appointed Sanjay Malhotra, a senior finance ministry bureaucrat, as the new governor of its central bank, the Reserve Bank of India (RBI).

The announcement was made on Monday, a day before the term of outgoing governor Shaktikanta Das was set to expire.

Keep ReadingShow less