Pallonji Mistry, head of the Shapoorji Pallonji group, passed away late last night at his residence in Mumbai. He was 93 at the time of passing. Pallonji Mistry, the reclusive business tycoon was credited for the success of the more than 150-year-old Shapoorji Pallonji Group, which has grown to be one of the largest business groups in the country. In the Forbes Billionaires List, Pallonji Mistry stands at rank 125 as of 2022, while he was the ninth richest Indian person as of 2021.
As per company officials, Pallonji Mistry died mid-sleep at his south Mumbai residence on the intervening night of Monday and Tuesday. The business tycoon helped in the expansion of the SP Group to the Middle East countries, including Abu Dhabi, Qatar and Dubai, in 1970. In 1971, the company won its first overseas project to build the palace of the Sultan of Oman, which was completed in 1976. Following this, the company built many ministerial building in the region. The company became a conglomerate under his watch, and provided solutions in real estate, water, energy and financial services.
The Indian-born Irish tycoon was the richest person of his nation, and had a net worth of $28.90 billion as per the Bloomberg Billionaire index, as on June 28, 2022. One of the oldest billionaires in India, Pallonji was conferred with the country’s third highest civilian award, Padma Bhushan, in 2016, for his contribution in business including Real Estate, Textiles, Power, Shipping, Publications and others.
Born in a Parsi family in Gujarat in 1929, the Shapoorji Pallonji Group, under Pallonji Mistry’s watch, has built some of the iconic structures in Mumbai, including the Reserve Bank of India building, the State Bank of India building, and and The Taj Mahal Palace hotel buildings. In 2004, Pallonji Mistry took a backseat after his eldest son Shapoor Mistry took over as chairman of the business.
Shapoorji Pallonji And Company Private Limited is a global, diversified organisation of 18 major companies. Founded in 1865, the company has presence in Engineering and Construction, Infrastructure, Real Estate, Water, Energy and Financial Services. It is spread over 50 countries and has over 50,000 employees dedicated to the company’s focus on sustainable development.
The family’s most prized asset is an 18.4 per cent in the Tata Group, which is the business conglomerate of India, with Pallonji Mistry being the largest shareholder of the firm. However, after the ousting of Cyrus Mistry, who was the chairman of the Tata Group and Pallonji Mistry’s son, in 2016, the Mistry Group sought to sell their shares in September 2020. The feud between the SP Group and the Tata Group became one of the largest corporate showdown in India’s history, when in 2016, Cyrus was ousted as the chairman of the Tata Group. Since then, the Supreme Court has refused to review the petition of Cyrus Mistry, following which the family has sought to sell its shares.
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