Infosys becomes the first Indian IT major to pull out of Russia, announces $1 million humanitarian aid fund
Infosyshas become the first Indian IT major to pull out of Russia.
- The Salil Parekh-led company also announced a $1 million humanitarian aid fund.
- Infosys made the announcement during an investor call following the declaration of its FY21-22 results today.
AdvertisementInfosys is pulling out of Russia and ceasing its operations in the country, the company’s chief executive officer Salil Parekh said today during the company’s earnings results for the three months, and year ended March 2022.
“We have started to transition all of our work from our centres in Russia to our centres outside Russia. We have less than 100 employees in Russia,” said Parekh during the investor call.
“We work with no Russian clients and the work we do [there] is with a small number of global clients in Russia,” he further added.
This makes Infosys the first Indian information technology (IT) major to pull out of Russia, amidst growing calls and pressure on India and Indian companies to cease business with the Vladimir Putin-led country.
‘No plans to do business’ with Russian clients
In what also comes across as a rather bold announcement, Parekh said, “We don’t have any plans going ahead,” with respect to doing business with Russian clients.
The ongoing Russia-Ukraine war has seen mounting pressure from the West on India and Indian businesses to cut, or limit their ties with Russia, at least until the Putin-led government ends its hostilities against Ukraine.
Infosys announces $1 million in humanitarian aid
Apart from this, Parekh also revealed that Infosys has launched a $1 million fund to cater to the humanitarian needs in the region.
In addition to this, Parekh also outlined that Infosys is providing assistance like re-skilling of individuals who have been displaced as a result of the pullout. This also includes exploring possibilities of identifying relocation opportunities for these individuals in eastern Europe, Parekh added.
‘No impact within our business’
Parekh also underlined that the Russian pull-out has “no impact” on Infosys, as far as the company’s business is concerned.
Parekh justified this by stating that the business that Infosys does conduct in Russia – or used to – was with respect to a small number of global clients. Since no Russian clients are involved, it is possible that the pullout has been easier.
Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down
Samsung’s recycled parts programme might make your phone repairs up to 50% cheaper
Web 3.0, SaaS and fintech will be big focus areas for 2022 even though early stage investments are expected to slow down
Popular on BI
- Kalonji Seeds: A nutrient-packed spice with surprising health benefits
- Shubman Gill becomes fastest to score six ODI centuries for India by a mile
- Delhi's most haunted places: A glimpse into the paranormal
- India smart TV market grew 8% in first half of 2023
- RIL could transform into a holding company says CreditSights