What is Infosys? Who owns the Indian IT giant? How is it linked to the Prime Minister? And why does Rishi Sunak’s wife Akshata Murty earn millions from it?
- The PM’s wife Akshata Murty owns almost 39 million shares in her father’s firm
Rishi Sunak is continuing to face scrutiny over his family’s financial affairs following a recent row over his wife’s investments.
The Prime Minister is being investigated by a parliamentary watchdog over his failure to declare Akshata Murty’s shareholding in a childcare business.
This is among a number of shareholdings Ms Murty holds both directly and through her venture capital investment company, Catamaran Ventures UK.
But the bulk of her wealth most likely comes from her shares in Infosys, the Indian IT giant.
What is Infosys?
Infosys is a global technology company headquartered in Bangalore.
It is India’s second-largest IT services exporter and is estimated to be worth $62billion (£50billion).
According to the company’s website, it is ‘a global leader in next-generation digital services and consulting’ and works across more than 50 countries.
It has more than 340,000 employees and more than 1,800 clients.
Infosys was founded in 1981 by N.R. Narayana Murthy, the father of the Prime Minister’s wife Akshata Murty
Rishi Sunak has faced scrutiny over his family’s financial affairs, including his wife’s investments
N.R. Narayana Murthy is personally worth $4billion (£3.2bn) and is among the top 725 richest people in the world
What are the PM’s links to Infosys?
Infosys was founded in 1981 by N.R. Narayana Murthy, the PM’s father-in-law.
He has two children – daughter Akshata and son Rohan – with his wife Sudha.
According to Forbes, the 76-year-old is personally worth $4billion (£3.2bn) and is among the top 725 richest people in the world.
All of the family own shares in Infosys, according to the company’s latest annual report, with Akshata holding almost 39 million (or 0.93%) of Infosys shares.
This means her stake in the company is worth around $575million (£460m).
Ms Murty was recently estimated to have lost almost £50million in a single day when the value of Infosys shares plummeted earlier this month.
This came after it posted weak quarterly results and poor revenue growth forecasts.
How much does the PM’s wife earn from her Infosys shares?
According to its annual results published this month, Infosys will make two dividend payments to shareholders this financial year.
This means Ms Murty is set for payments of around £6.3m and £6.6m from the company – pushing her earnings from her Infosys shares to almost £13m over 12 months.
According to the company’s latest annual report, Ms Murty almost 39 million (or 0.93%) of Infosys shares
Infosys is a global technology company headquartered in Bangalore, with around 340,000 employees and 1,800 clients across 50 countries
Does Infosys have any Government contracts?
According to the Government’s ‘Contracts Finder’ website, Infosys has been granted public sector contracts worth more than £172million since 2015.
The latest was a £1.76m contract with Transport for London, which began in January this year.
The largest public sector contract held by Infosys was a £95m deal with Transport for London between 2015 to 2017 for an ‘IT Solutions Framework’.
The ‘Contracts Finder’ website does not list any Infosys contracts with either the Cabinet Office or the Treasury – the two Whitehall departments Mr Sunak has headed during his time in Government.
