Business Tycoon Pallonji Mistry, the former head of Shapoorji Pallonji Group, passed away at age 93. Industrialist passed away at his Mumbai residence on June 27, Monday night.
Until Pallonji announced his retirement and the succession of his son, Shapoor Mistry, in 2012, the company’s wheels were in the hands of the founder, Pallonji Mistry’s grandson, also named Pallonji Mistry.
For his achievements as an industrialist, he was given the Padma Bhushan in 2016, the third-highest civilian honor in the nation. He was one of the country’s oldest billionaires. Born in a Parsi family in Gujarat, the business mogul passed away Sunday night in Mumbai.
He was the most prosperous Indian-born-Irish billionaire at his death and the 143rd richest person in the world with the US $13 billion. He had 18.4% ownership in Tata Sons, the largest individual shareholder in India’s largest private syndicate, Tata Group.
Construction behemoth Shapoorji Pallonji Group was founded in 1865 and operates in six different industries: engineering and construction, infrastructure, real estate, water, energy, and financial services. It is across 50 countries in the world.
Cyrus Mistry, his younger son, served as the Tata Sons chairman from 2012 to 2016. Eventually, he got canned during a quarrel that became one of the most intimately anticipated corporate conflicts in recent years. His two daughters, Laila Mistry and Aloo Mistry are his backbones.
Due to his commanding presence in boardrooms, Pallonji earned the alias “Phantom of Bombay House.”
The Reserve Bank of India, the Citi Bank headquarters in India, the SAIL Steel Plant, and the Jawahar Lal Nehru Stadium in Delhi are just a few of the prominent structures that the Shapoorji Pallonji Group can proudly claim as their own.
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