On Tuesday, at the age of 93, Shapoorji Pallonji group leader Pallonji Mistry, who was born in India, passed away suddenly in Mumbai. His engineering enterprise built lavish hotels, stadiums, palaces, and factories throughout Asia. His family’s epic battle with the Tata Group led to India’s biggest corporate conflict.
After the story spread on social media, a corporate official confirmed the Indian tycoon’s demise.
In accordance with his website, Shapoorji Pallonji Group is owned by Mistry and his family, it was founded more than 150 years back, and at present employs more than fifty thousand workers in over fifty countries. He has been known for the Reserve Bank of India, the Oberoi Hotel Mumbai and many more projects.
Shapoorji Pallonji group leader Pallonji Mistry Mistry accumulated a net worth of about $2,900 crore, which made him the richest man in India and Europe. As a result of his lengthy relationship with Dubliner Patsy Perin Dubash, he renounced his Indian citizenship in 2003 and obtained Irish citizenship.
Pallonji Shapoorji Mistry, 93, the former chairman of the Shapoorji Pallonji Group, died on Tuesday at his home in south Mumbai, according to a statement from his family.
His wife Patsy, daughters Laila Rustom Jehangir and Aloo Noel Tata, sons Shapoor Mistry and Cyrus Mistry, and each of their different families, are left to carry on without him. He was an Irish citizen and spent the majority of his time in India.
Mr. Mistry, known as the “Phantom of Bombay House” (the location of the Tata Group’s headquarters), was the single-largest shareholder in Tata Sons, the holding company for the Tata Group, with a stake of 18.4%. For a few years up until 2016, his younger son Cyrus served as the Tata Group’s chairman.
Mr. Mistry, who was born on June 1st, 1929, attended school and college in Bombay and, at the age of 18, began working for his family’s company, Shapoorji Pallonji & Company Ltd. When his father passed away in 1975, he assumed control of the business.
In 2015, the Shapoorji Pallonji Group, which was founded in 1865, commemorated 150 years of being in business. The last time Mr. Mistry was sighted in the public was while his son was as chairman of the Tata Group.
According to a close friend of his, “He died calmly as he was oblivious of the ongoing tensions between Tatas and his family, and the financial disaster his organisation has found itself in.”
