New Delhi: Founder and chairman of the IT company HCL technologies Shiv Nadar is stepping down and his daughter Roshni Nadar Malhotra will take his place with immediate effect. The company has informed its regulatory filing. ALSO READ| Alibaba Shuts Down Operations Of UC Browser, UC News In India; Sacked Employees Do Not Receive Severance Package

According to media reports the Noida-based company said in a statement 'Shiv Nadar expressed his desire to step down from the position of the chairman", and will continue to be managing director at HCL Tech with the designation of chief strategy officer.'

38-year-old Roshni Nadar Malhotra who is the only child of Shiv Nadar and his wife Kiran Nadar will now be the chairman of India’s third-largest IT company. Before this, she was the Executive Director and the CEO of the company. Last year she was ranked by Forbes as the 54th most powerful woman in the Forbes World's 100 Most Powerful Women list. In 2019, IIFL Wealth Hurun India Rich List (2019), Roshni Nadar was listed as the richest woman in India. She has done her Masters in Business Administration from the Kellogg School of Management and also alumni of Northwestern University. She also served as one of the trustees of the Shiv Nadar Foundation.

The company has also recently reported its earnings for the April-June period. The company has said that the net profit stood at Rs 2,931 crore in the three-month period ending on June 30. Revenue from its IT and business services segment stood at Rs 12,521 crore in the first quarter of the current financial year. In the quarter ended March 31, the revenue of Rs 13,130 crore was reported.