Roshni Nadar Malhotra Set to Become India's Third-Richest Individual Following Massive Stake Transfer from Father
In a significant wealth succession move that reshapes India's billionaire rankings, Roshni Nadar Malhotra is poised to become the third-richest person in India following a substantial stake transfer from her father, HCL Group founder Shiv Nadar. The transfer, formalized through gift deeds on March 6, 2025, represents a pivotal moment in one of India's most prominent family business transitions.
Strategic Succession Through Major Stake Transfer
The succession plan involves Shiv Nadar transferring his 47% stake in two key holding entities—HCL Corporation Private Limited and Vama Sundari Investments (Delhi) Private Limited—to his daughter. This strategic move firmly establishes Malhotra as the largest shareholder in these critical investment vehicles that control the HCL business empire.
The significance of this transfer extends beyond mere wealth redistribution, as it provides Malhotra with majority control over two flagship companies:
- HCLTech: One of India's premier IT services organizations
- HCL Infosystems: A key technology solutions provider
Through this transfer, Malhotra gains effective voting rights over Vama Delhi's 12.94% stake and HCL Corp's substantial 49.94% stake in HCL Infosystems. Perhaps most significantly, she now influences Vama Sundari Investment's 44.71% stake in HCLTech, which is valued at an impressive Rs 186,782 crore.
Reshaping India's Wealth Hierarchy
The stake transfer dramatically alters India's billionaire landscape. According to Bloomberg Billionaires data, the wealth redistribution positions Malhotra to become India's third-wealthiest individual, following only Mukesh Ambani and Gautam Adani. The current wealth hierarchy stands as:
- Mukesh Ambani: $88.1 billion
- Gautam Adani: $68.9 billion
- Shiv Nadar: $35.9 billion (before the transfer)
With this succession move, Shiv Nadar will naturally move down in the rankings after transferring a significant portion of his holdings to his daughter, cementing Malhotra's position among India's business elite.
Regulatory Approval and Family Succession
The transition has received official regulatory blessing. In November 2024, the Securities and Exchange Board of India (SEBI) granted Malhotra an exemption from making a mandatory open offer for her planned indirect acquisition of shares and voting rights in HCLTech.
This exemption was provided on the grounds that the share transfer represents a non-commercial transaction between immediate family members and adheres to inter-transfer norms under takeover regulations. The regulatory green light eliminated the requirement for an otherwise mandatory open offer to minority shareholders.
Among IT firms listed on the BSE, Vama Delhi's promoter stake now ranks as the second-highest by value. It also holds the ninth position among the Top 30 midcap firms by market capitalization, underscoring the significant scale of this wealth transfer.
Leadership Continuity
This wealth succession formalizes a leadership transition that has been underway for several years. Malhotra has served as the chairperson of HCLTech since 2020, taking over from her father in a planned succession. Her educational background includes a degree from Northwestern University and an MBA from the prestigious Kellogg School of Management, credentials that have prepared her for steering the company's strategic direction.
Over the past four years, Malhotra has been actively involved in shaping HCLTech's business strategy and corporate governance, making this financial succession a natural extension of her increasing leadership role within the family business.
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