Roshni Nadar Malhotra, Chairman of HCL Technologies Ltd., speaks during Business 20 (B-20) … [+]
Indian Billionaire Shiv Nadar His controlling shares have been transferred HCL TechnologieS to his daughter, Roshni Nadar Malhotra, advances the succession plan that the technology pioneer began five years ago.
Nadar (who co-founded the software giant nearly fifty years ago, passed his 47% stake in HCL Corp. and Delhi to Malhotra and passed his shares to Malhotra via a gift deed. This made Malhotra a major shareholder in both companies, which owns the largest stake in HCL Technologies, the company said on the stock exchange. Register Friday afternoon.
“The gift deed is performed under a private family arrangement designed to simplify successors,” HCL said in the filing. This will ensure that the Nadar family continues to own and control the business and provide the company with the stability they need.
Nadar co-founded HCL in a garage in 1976, and worked with five friends to make calculators and microprocessors. Today, HCL has become one of the largest software service providers in India. In 2020, he resigned as chairman of the company and handed the rope to Malhotra. He is now the Honorary Chairman and Strategic Advisor.
According to an estimated net worth of $34.4 billion Forbes'Real-time data, Nadal is the fourth richest man in India, second only to Mukesh Ambani, Gautam Adani and Savitri Jindal. He is also one of India's leading philanthropists, who donated $1.1 billion through his Shiv Nadar Foundation, which supports causes related to education.
