In a move that cements one of India's most significant corporate successions, Shiv Nadar, the legendary founder of HCL, has transferred 47% of his stake in the company's promoter entities to his daughter, Roshni Nadar Malhotra . This strategic transfer, executed through gift deeds on March 6, 2025, makes her the majority shareholder of HCL Corp and Vama Sundari Investments, placing the future of the $45 billion IT giant firmly in her hands .
A Transfer of Power
The transaction involved two gift deeds dated March 6, 2025, through which Shiv Nadar gifted 47% of his shareholding in both HCL Corporation Private Limited and Vama Sundari Investments (Delhi) Private Limited to his daughter . Prior to this transfer, Nadar held a 51% stake in these entities, while Roshni owned 10.33% . This carefully planned succession move ensures continuity and stability in the HCL leadership under the Nadar family .
The transfer grants Roshni Nadar Malhotra control over significant voting rights. She will now command voting rights associated with Vama Delhi's 44.17% stake and HCL Corp's 0.17% stake in HCL Technologies, as well as Vama Delhi's 12.94% stake and HCL Corp's 49.94% stake in HCL Infosystems . The move has propelled her to become India's richest woman and the third-richest person in the country, with a net worth estimated at ₹2.84 lakh crore according to the M3M Hurun India Rich List 2025 . For the first time in 14 years, a businesswoman has featured in the top 10 of India's rich list .
More Than an Heiress
While the recent stake transfer has made headlines, Roshni Nadar Malhotra is not a newcomer to the family business. She has been the Chairperson of HCL Technologies since 2020, when she succeeded her father, making her the first woman to lead a listed IT company in India . Under her leadership, HCLTech has expanded its global footprint with over 219,000 employees across 60 countries . Her journey to this position was supported by a strong educational background; she holds an undergraduate degree in Communications from Northwestern University and an MBA from the Kellogg School of Management, where she was awarded the Dean's Distinguished Service Award .
The regulatory path for this succession was cleared in November 2024 when the Securities and Exchange Board of India (SEBI) granted Roshni an exemption from making an open offer, recognizing the transfer as a non-commercial transaction between immediate relatives that would not affect public shareholders or market dynamics . SEBI noted that the aggregate shareholding of the promoter and promoter group in HCL Tech would remain unchanged at 60.82% .
Beyond the Corporate World
Beyond her corporate role, Malhotra is actively involved in philanthropy through the Shiv Nadar Foundation, which has invested $1.5 billion in nation-building institutions since its inception . She serves as Chairperson of the VidyaGyan Schools, a rural leadership academy that nurtures meritorious students from economically underprivileged backgrounds in Uttar Pradesh . In 2023, VidyaGyan received the Children's Champion Award from the Delhi Commission for Protection of Child Rights .
Passionate about wildlife and conservation, Roshni founded The Habitats Trust in 2018, dedicated to protecting India's natural habitats and indigenous species . She has produced "On The Brink," a TV series on endangered wildlife in India, with episodes on bats and gharials receiving National Film Awards in the science and environment category . She also produced the children's film "Halkaa," based on a slum child battling open defecation .
Her contributions have earned her numerous accolades, including France's highest civilian award, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour) in 2024 . She has been listed in Forbes' "World's 100 Most Powerful Women" for seven consecutive years and serves on the Dean's Advisory Council at the MIT School of Engineering, the Executive Board for Asia at the Kellogg School of Management, and the global board of The Nature Conservancy .
A Private Life in the Public Eye
Born in 1982, Roshni is the only child of Shiv and Kiran Nadar . Her mother, Kiran Nadar, is a renowned art collector, philanthropist, and a bronze medalist in the 2018 Asian Games for contract bridge. Roshni is married to Shikhar Malhotra, the Vice Chairman of HCL Healthcare, and they have two sons .
The March 2025 stake transfer is the culmination of a succession plan that has been years in the making . By taking this decisive step, Shiv Nadar has not only ensured the legacy of his empire but also entrusted its future to a capable and experienced leader who has already proven her mettle in the corporate world, philanthropy, and conservation .
