Pallonji Mistry, the chairman of Shapoorji Pallonji Group, died on the intervening night of Monday and Tuesday.
Pallonji Mistry, who led the Shapoorji Pallonji Group, passed away at the age of 93. Pallonji Mistry, a reclusive millionaire, was credited with the development of the Shapoorji Pallonji Group, which is more than 150 years old and one of the largest businesses in India.
In 2016, he was awarded the Padma Bhushan, India’s third-highest civilian honor, for his contributions as an industrialist. He was one of India’s most senior billionaires. The business magnate, who was born into a Parsi family in Gujarat, passed away in Mumbai Sunday night.
He ranked 143rd in the world, according to the most recent Forbes data, with a net worth of over USD 13 billion.
Shapoorji Pallonji Group, a construction company founded in 1865, operates in six economic sectors: engineering and construction, infrastructure, real estate, water, energy, and financial services. It is distributed in over 50 nations.
Shapoorji Mistry, Pallonji Mistry’s eldest son, is the chairman of Shapoorji Pallonji And Company Pvt. Ltd.
Between 2012 and 2016, his younger son, Cyrus Mistry, was the chairman of Tata Sons. The conflict that led to his dismissal became one of India’s most keenly followed corporate disputes in recent years. His two daughters, Laila Mistry and Aloo Mistry, also survive him.
The building magnate Pallonji Mistry had gained Irish citizenship. His family became the largest shareholder in the massive Tata Group.
He was dubbed “The Phantom of Bombay House” because of his commanding presence in the boardroom.
The Shapoorji Pallonji Group is proud to have constructed various notable structures, including the Reserve Bank of India, the Citi Bank headquarters in India, the SAIL Steel Plant, and the Jawahar Lal Nehru Stadium in Delhi, among others.
The Pallonji Mistry family has an 18.4 percent share in Tata Sons, the Tata group’s parent business. The SP Group, founded in 1865, has constructed several Mumbai monuments, including the Reserve Bank of India and The Taj Mahal Palace hotel.