Business Tycoon Pallonji Mistry, who was the chairman of the Shapoorji Pallonji group, passed away last night, mid-sleep, at his residence in South Mumbai. He was 93.
“Pallonji Mistry, the end of an era. One of life’s greatest joys was to have witnessed his genius, his gentleness at work. My condolences to the family and his loved ones,” tweeted Union Minister for Women and Child Development, Smriti Irani.
About the Shapoorji Pallonji Group
The 156-year-old Shapoorji Pallonji Group is one of the largest business firms in India and Pallonji Mistry joined the company in 1947 and was credited for its success.
The group employs more than 50,000 people in more than 50 countries. It covers six business segments- engineering and construction, infrastructure, real estate, water, energy and financial services.
Some of the landmark projects of the group include the Reserve Bank of India, Citibank headquarters in India, SAIL Steel Plant, the Jawaharlal Nehru Stadium in Delhi, the Oberoi Hotel in Mumbai, the Bombay Stock Exchange (BSE) building, Brabourne Stadium, the Malabar Hill reservoir and the blue-and-gold Al Alam palace for the Sultan of Oman.
Achievements- Pallonji Mistry
- He was born in 1929 and schooled at Mumbai’s Cathedral & John Connon School before heading to London’s Imperial College for higher education.
- In the year 2016, the reclusive billionaire received the Padma Bhushan, India’s third-highest civilian award, for his contribution as an industrialist. He was one of the oldest billionaires in India.
- As per the latest Forbes data, he had a net worth of over USD 13 billion, ranking at 143 worldwide, making him one of the richest men in India and in Europe.
- As per a court filing in 2018, he held 18.37% via the Shapoorji Pallonji Group, in the Tata Group, making him the largest individual shareholder in the conglomerate. Shapoorji Pallonji, his father bought Tata Sons’ shares in 1930.
- Pallonji Mistry led the company’s expansion into the Middle East, including Abu Dhabi, Qatar and Dubai, in 1970.
- For his powerful boardroom presence, he was nicknamed the “Phantom of Bombay House”.
He is survived by his wife — Patsy Perin Dubash, and four children. Shapoor Mistry runs the Shapoorji Pallonji Group, while Cyrus Mistry served as Tata Group Chairman from 2012 to 2016. He has two daughters Laila Mistry and Aloo Mistry. The latter is married to Ratan Tata’s half-brother Noel Tata.
Written By – Simran Bafna
