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Indian Billionaire Shiv Nadar Transfers HCL Technologies Controlling Stake To His Daughter
In a significant move, Indian billionaire Shiv Nadar has transferred his controlling stake in HCL Technologies to his daughter, Roshni Nadar Malhotra. This decision marks the culmination of a five-year succession plan that aims to ensure the continuity and stability of the business under family control.
According to a stock exchange filing, Nadar has gifted his 47% stake in HCL Corp. and Vama Delhi to his daughter through deed transfers. With this move, Malhotra becomes the majority shareholder of both companies, which together hold the largest stakes in HCL Technologies.
This development comes as no surprise, given Nadar’s previous decision to step down as chairman of the company in 2020 and hand over the reins to Malhotra. He has since taken on a chairman emeritus and strategic advisor role.
Shiv Nadar co-founded HCL Technologies almost five decades ago, starting it out as a small calculator and microprocessor manufacturing firm with his friends. Today, HCL Technologies is one of India’s largest software services providers.
The transfer of the controlling stake marks a significant milestone in the company’s history, ensuring that the Nadar family continues to own and control the business for generations to come. The move is also expected to provide stability and continuity at the helm of the company, allowing HCL Technologies to continue its rapid growth trajectory under new leadership.
It is worth noting that Shiv Nadar’s estimated net worth stands at a staggering $34.4 billion, making him one of the richest individuals in India. He is also a renowned philanthropist, having donated an astonishing $1.1 billion through his foundation, which focuses on education-related causes.
The transfer of the controlling stake comes as HCL Technologies continues to expand its operations globally, with a focus on innovation and technological advancements. With Roshni Nadar Malhotra at the helm, the company is expected to build on its legacy of success and continue to be a major player in the Indian business landscape.
