Infosys pulling out of Russia: Reports

Bengaluru, 2 April India's second largest IT services player, Infosys is closing down its operations in Russia, international media house BBC said citing sources.

Though the company has not issued any public statement yet on this development, the move seems to be prompted from the controversy after the company's co-founder NR Narayan Murthy's son-in-law Rishi Sunak, who is the UK's Chancellor of the Exchequer, was accused of profiting from Vladimir Putin's regime by the British media.

If this move becomes a reality, Infosys will become the first Indian IT company to exit Russia.

Earlier in a statement, Infosys denied having any active business relationships with any local enterprises, and said the company had committed $1 million towards relief efforts for the victims of Russian invasion of Ukraine.

"Infosys has a small team based out of Russia, that services some of our global clients, locally. We do not have any active business relationships with local Russian enterprises. A key priority for Infosys in times of adversity, is to continue extending support to the community. The company has committed USD 1 million towards relief efforts for the victims of war from Ukraine," the company had said in a statement last month.

Indian IT services companies including Infosys have minimal to zero exposure to Russia as a geography. Given the marginal contribution of this geography, no large or mid-tier firm provides its revenue contribution from Russia.

Traditionally, Indian IT companies draw more than half of their revenues from the US and around 20-30 per cent from Europe including the United Kingdom.