Last Updated : 06-06-2011
Shiv Nadar ....the 'rich o rich'
Age : 53
Net Worth : $(US) 1.2 billion
Company : HCL Group(Infotech)
Based at : Delhi,USA
Forbes has released its list of world's richest persons and seven Indians have found a place in it . The new entry in the `Forbes’ list is a man who began, as `Forbes’ put it, by making computers in his garage 24 years ago. The man is Shiv Nadar, chief of HCL, a company `Forbes’ describes as India’s largest infotech conglomerate. Mr. Nadar’s net worth has also been put at $1.2 bn. Two of the seven richest Indians are in the infotech business.
People who know Shiv Nadar call him Magus,
Persian for wizard. His wizadry was evident in the
way Shiv Nadar (53) worked his way. He transformed HCL corporation one of the top most firms making computers and office equiment.
Moving to Delhi from Tamil Nadu in 1968, Shiv Nadar worked as an engineer with DCM Ltd. Keen on starting on his own he made six of his colleagues to join him to launch a firm making office products like copiers. Into the vacuum created by IBM quitting Indian HCL stepped in to supply computers and by 1982, HCL came out with its first computer.
Now over 80% of HCL's revenues are from computers and office equipment. While concentrating on growth at home, HCL has also been spreading its reach overseas. Its Singapore subsidiary, Far East Computers, recently achieved a breakthrough in imaging technology, which, among other applications,enables computers to read handwritten tax returns.Singapore's Internal Revenue Service uses Far East software.
In the U.S, a software subsidiary, HCL America, has reaped rich benefits by taking advantage of global time zones. Every morning, the company's Madras office receives software assignments from the U.S, just after work stops there for the night. A team of Indian engineers, with salaries much lower than those of their American counterparts, complete the jobs and modem them back in the evening.
Far East and HCL America account for almost 20%
of HCL Corp.'s annual revenues. Once he makes up his mind about a project, he picks a team, then leaves it alone to get on with the job. In February 1997, TIME magazine wrote : "The world has caught up with Nadar's vision of a networked future, and the results are shaking up enterprises, economies and government around the world". He attributes the Group's success to teamwork and the entrepreneurial spirit, which together have enabled it to handle rapid change in environments and technologies, and to transform threats into opportunities.