No Actress or Politician—This Businesswoman Is India’s Richest Woman

Roshni Nadar Malhotra is set to become India’s third-richest person after inheriting a 47% stake in HCL Corporation and Vama Delhi from her father, Shiv Nadar, the founder of HCL Group, as part of a succession plan.

With the signing of two gift documents on March 6, Shiv Nadar formally transferred his 47% ownership of Vama Sundari Investments (Delhi) Private Limited and HCL Corporation Private Limited to his daughter, Roshni Nadar Malhotra.

Roshni Nadar Malhotra Richest Woman in India

With this stake transfer, Roshni Nadar Malhotra becomes the biggest shareholder in HCL Corp and Vama, giving her majority control over HCLTech and HCL Infosystems.

Malhotra will also be able to vote on HCL Corp's 49.94% and Vama Delhi's 12.94% shares in HCL Infosystems. In addition, another promoter company, Vama Sundari Investment, owns a 44.71% stake in HCLTech, which is worth Rs 186,782 crore.

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With a net worth of $88.1 billion, Mukesh Ambani continues to be the richest person in India. Gautam Adani comes in second with $68.9 billion. According to Bloomberg Billionaires data, Shiv Nadar, who is presently placed third with $35.9 billion, will fall in the standings after selling his shares to Malhotra.

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Exemption from Open Offer Requirement

Roshni Nadar Malhotra, the chairman of HCLTech, was given permission by capital markets regulator Sebi in November of last year to avoid making an open offer for her intended indirect purchase of shares and voting rights in the business.

Since the share transfer is a non-commercial transaction between members of the immediate family and complies with takeover legislation's inter-transfer standards, an open offer is not necessary, therefore the exemption.

Roshni Nadar’s Leadership in HCL

Vama Delhi has the second-highest promoter stake in terms of value among IT companies listed on the BSE. In terms of market capitalization, it is ranked ninth out of the top 30 midcap companies.

Since 2020, Malhotra has served as HCLTech's chairperson, replacing her father as its boss. With an MBA from the Kellogg School of Management and a Northwestern University degree, she has been leading the company's strategic direction for the last four years.