Shiv Nadar solidifies legacy with 47% HCL stake transfer to daughter Roshni

HCL founder Shiv Nadar has transferred 47% of his stake in HCL Corp and Vama Delhi—key promoter entities of the HCL Group—to his daughter, Roshni Nadar Malhotra. This move, executed through gift deeds on March 6, 2025, marks a significant milestone in a well-thought-out succession strategy, positioning Roshni Nadar Malhotra as the largest shareholder in both HCL Technologies and HCL Infosystems Ltd. The stake transfer strengthens the HCL leadership and secures her pivotal role in the family-owned business.

The transfer grants Roshni control over the two promoter entities and provides her with a dominant stake in HCL Technologies and HCL Infosystems. She will now be the majority shareholder of both Vama Delhi and HCL Corp, and control the voting rights for a 12.94% stake in Vama Delhi and a 49.94% stake in HCL Corp in HCL Infosystems. This move significantly impacts HCL's future, as Roshni’s leadership is set to guide the company into the next phase of growth and innovation.

Roshni Nadar: A new era for HCL

Roshni Nadar Malhotra’s new position also solidifies her status among India’s wealthiest individuals. As per the Forbes Real-Time Billionaires List 2025, she is expected to become the fourth richest person in India, following Mukesh Ambani, Gautam Adani, and Savitri Jindal & family. Shiv Nadar, her father, is currently valued at $34.4 billion, ranking 52nd globally. HCL Technologies, the flagship company of the HCL Group, has a market capitalization of Rs 4.22 lakh crore, with promoters holding 60.81% of the company’s shares. As a result of the Shiv Nadar stake transfer, Malhotra will now hold a 44.17% stake from Vama Delhi and a 0.17% stake from HCL Corp, reinforcing her influence over the tech giant.

Roshni Nadar Malhotra, who holds an undergraduate degree in Communications from Northwestern University and an MBA from the Kellogg School of Management, has been a key figure in HCL's leadership since 2020, when she succeeded her father as chairperson. She has also been a trailblazer for empowering women in business, leveraging her role to inspire future generations of women leaders. Additionally, she is deeply involved in philanthropic activities through the Shiv Nadar Foundation, supporting education in India, and The Habitats Trust, dedicated to environmental conservation.

A strategic move for HCL’s legacy

This stake transfer is part of a broader strategy to ensure continuity in the family’s control over HCL’s leadership and strengthen the company's position for future success. According to filings to the stock exchange, the transfer is part of a private family arrangement to streamline succession, preserving the Nadar family’s influence over the company. The Securities and Exchange Board of India (SEBI) has granted Roshni Nadar Malhotra an exemption from making an open offer, ensuring a seamless transition.