In a major leadership transition, HCL Group founder Shiv Nadar has transferred 47% of his stake in HCL Corp and Vama Delhi—two key promoter entities of the group—to his daughter Roshni Nadar Malhotra. This strategic move cements Malhotra’s position as the largest shareholder in HCL Technologies and HCL Infosystems, strengthening the family’s control over the IT conglomerate.
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With this transfer, Malhotra is set to become one of the wealthiest individuals in India. According to the Forbes Real-time Billionaires List 2025, Shiv Nadar’s net worth stands at $34.4 billion, ranking him as the world’s 52nd richest person. The move will elevate Malhotra to the fourth spot among India’s richest, trailing behind Mukesh Ambani ($92.2 billion), Gautam Adani ($56.2 billion), and Savitri Jindal & family ($35.4 billion).
Strengthening Leadership in HCL Group
The transfer, effective through gift deeds dated March 6, 2025, allows Malhotra to take majority control of Vama Delhi and HCL Corp, as confirmed in the company’s stock exchange filings. She will gain control over a 44.17% stake in HCL Technologies from Vama Delhi and an additional 0.17% from HCL Corp. Similarly, in HCL Infosystems, Malhotra will assume voting rights over 12.94% held by Vama Delhi and 49.94% from HCL Corp.
The move aligns with the family’s long-term succession plan. HCL’s filing states, “The gift deeds have been executed pursuant to a private family arrangement intended to streamline succession, ensuring continuity of ownership and control by the Shiv Nadar Family.”
Regulatory Approval and Market Impact
The Securities and Exchange Board of India (SEBI) has granted Malhotra an exemption from making an open offer, facilitating the smooth transfer of shares without regulatory hurdles. HCL Technologies, a flagship entity of the group, currently holds a market capitalization of Rs 4.22 lakh crore, with promoters collectively holding a 60.81% stake, as per exchange data.
A Legacy of Leadership and Philanthropy
Malhotra, who holds a Communications degree from Northwestern University and an MBA from the Kellogg School of Management, has been at the helm of HCL Technologies since 2020. Beyond corporate leadership, she actively participates in philanthropy through the Shiv Nadar Foundation, which focuses on education, and The Habitats Trust, dedicated to conservation efforts.
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