Business tycoon Pallonji Mistry, who headed the Shapoorji Pallonji Group, died in his sleep at his south Mumbai residence on the on Monday (June 27) evening. This is according to officials. He was 93. His elder son, Shapoorji Mistry, is the chairman of Shapoorji Pallonji & Co Pvt. Ltd. while his younger son, Cyrus Mistry, was the chairman of Tata Sons between 2012 and 2016.
The Shapoorji Pallonji Group is over 150 years old and is one of the largest business firms in India. The main person who has been credited for the success of the group was the reclusive billionaire Pallonji Mistry. In 2016, he received the Padma Bhushan, the country’s third highest civilian award, for his contribution as an industrialist.
He was one of the oldest billionaires India has seen. Born in a Parsi family in Gujarat, according to the latest Forbes data, he had a net worth of over $ 13 billion and a ranking at 143 worldwide.
Founded in 1865, construction giant Shapoorji Pallonji Group covers six business segments – engineering and construction, infrastructure, real estate, water, energy and financial services. It is spread across 50 countries.
The Pallonji Mistry family also owns 18.4% stake in Tata Sons, the holding company of the Tata group.
The Shapoorji Pallonji Group boasts of making several iconic buildings including those of the Reserve Bank of India, CitiBank headquarters in India, SAIL Steel Plant, the JawaharLal Nehru Stadium in Delhi among others.