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Indian billionaire Shiv Nadar has gifted 47% of his shareholdings in HCL Corporation and Vama Delhi to his daughter, Roshni Nadar Malhotra, in a move aimed at ensuring smooth succession within the family business.
Key Details of the Transfer
According to an exchange filing by HCL Infosystems, Nadar executed gift deeds to transfer his stakes in both HCL Corp and Vama Delhi to Malhotra. This strategic decision grants Malhotra control over voting rights in both companies.
Following the transfer, she will oversee the 12.94% stake held by Vama Delhi and the 49.94% stake held by HCL Corp in HCL Infosystems, both of which are promoter companies of the IT giant.
HCL Infosystems stated that the decision was part of a private family arrangement intended to streamline succession and ensure the continuity of ownership and control by the Shiv Nadar family. The company also emphasized that the move would provide long-term stability to its leadership.
Who Is Shiv Nadar?
Shiv Nadar is India’s third-richest person, after Mukesh Ambani and Gautam Adani, with an estimated net worth of $36 billion, according to the Bloomberg Billionaires Index.
Born in Tamil Nadu in 1945, Nadar pursued electrical engineering and started his career as a management trainee at textile firm DCM in the 1960s. In 1976, he co-founded Hindustan Computers Limited (HCL) with an initial investment of $20,000, seizing an opportunity in the Indian computer market following IBM’s exit from India.
Today, HCL Corp—where Nadar is a promoter—is the largest shareholder in HCL Technologies and HCL Infosystems. Known for his philanthropy, Nadar sold a 2.5% stake in HCL Technologies in 2010, raising $125 million, which he donated entirely to the Shiv Nadar Foundation. In 1994, he pledged to dedicate over 10% of his wealth to philanthropic causes, primarily in education.
What This Means for HCL and Roshni Nadar Malhotra
With this transfer, Roshni Nadar Malhotra—who has been the chairperson of HCL Technologies since 2020—will consolidate her influence over the family business, overseeing its strategic direction.
This move reflects a broader trend among India’s business tycoons, who are planning succession strategies to maintain family control while ensuring leadership continuity in their multi-billion-dollar empires.
Conclusion
Shiv Nadar’s decision to transfer a significant stake in HCL Corp and Vama Delhi to his daughter Roshni is a major development in India’s corporate landscape. It not only ensures a smooth succession plan but also reinforces the long-term stability of HCL’s leadership under the Nadar family’s guidance.
Sources By Agencies
