HCL Technologies founder and chief strategy officer Shiv Nadar is looking to sell the approximately USD 10 billion (Rs 62,000 crore) stake he holds in India’s fourth-largest IT company, a Wall Street Journal report said today.Citing people familiar with the matter, the Journal said the billionaire Nadar is looking sell his stake as his daughter Roshni, a member on the HCL board, is not interested in running the business.The 69-year-old Nadar owns about 62 percent stake in the USD 16.93 billion company (Rs 1.05 lakh crore). In 2012-13, HCL notched up profits of Rs 4,044 crore on sales of Rs 25,581 crore and its core areas of operation include hardware and technology solutions.When contacted, an HCL Tech spokesperson said reports of the founder looking to sell stake in the firm were “speculative” and said the company denies "such rumours".In an interview with CNBC-TV18 in November last year, Shiv Nadar had said he had no intentions to sell the company for the “next 10 years”.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
