Indian billionaire Shiv Nadar has transferred his controlling stake in HCL Technologies to his daughter, Roshni Nadar Malhotra, moving forward a succession plan that the tech pioneer started five years ago.
Nadar—who cofounded the software giant almost five decades ago—transferred his 47% stake in HCL Corp. and Vama Delhi to Malhotra through gift deeds. This makes Malhotra the majority shareholder of both companies, which hold the largest stakes in HCL Technologies, the company said in a stock exchange filing late Friday.
“Gift deeds have been executed pursuant to a private family arrangement intended to streamline succession,” HCL said in the filing, adding it would ensure the Nadar family continues to own and control the business and providing the desired stability for the company.
Nadar cofounded HCL in a garage in 1976 to make calculators and microprocessors with five friends. Today, HCL is among India’s largest software services providers. In 2020, he stepped down as chairman of the company handing over the reins to Malhotra. He’s now chairman emeritus and strategic advisor.
With an estimated net worth of $34.4 billion according to Forbes’ real-time data, Nadar is the fourth richest in India, just behind Mukesh Ambani, Gautam Adani, and Savitri Jindal. He is also one of India’s leading philanthropists, having donated $1.1 billion through his Shiv Nadar Foundation, which backs education-related causes.
