HCL succession: Roshni Nadar Malhotra cements control as Shiv Nadar gifts 47% stake

Billionaire Shiv Nadar, founder of HCL, has gifted 47% of his stake in HCL Corp and Vama Delhi to his daughter, Roshni Nadar Malhotra, in a strategic succession plan.  

Following the transfer, Malhotra will become the majority shareholder and gain control of both entities, according to a stock exchange filing by HCLTech and HCL Infosystems Ltd. This move solidifies her position as the largest shareholder of HCL Infosystems and HCLTech.  

As part of the transfer, she will acquire voting control over Vama Delhi’s 12.94% stake and HCL Corp’s 49.94% stake in HCL Infosystems. In HCLTech, she will take over a 44.17% stake from Vama Delhi and an additional 0.17% from HCL Corp.  

The transfer was formalized through two gift deeds executed on March 6, 2025, ensuring continuity of ownership within the Nadar family. "Gift deeds have been executed pursuant to a private family arrangement intended to streamline succession, ensuring stability and control by the Shiv Nadar Family," the filings stated.  

To facilitate the transition, India’s capital markets regulator, the Securities and Exchange Board of India (Sebi), has granted Malhotra an exemption from making an open offer.  

Before this transfer, Shiv Nadar held a 51% stake in both Vama Delhi and HCL Corp, while Malhotra owned 10.33%.  

Malhotra, who holds an undergraduate degree from Northwestern University and an MBA from the Kellogg School of Management, has been chairperson of HCLTech since July 2020. Beyond her corporate role, she is actively involved in philanthropy through the Shiv Nadar Foundation, which focuses on education, and The Habitats Trust, dedicated to conservation efforts.

(With inputs from PTI)