Business tycoon Pallonji Mistry, who ran Shapoorji Pallonji Group, dies aged 93 | Latest News India

Business tycoon Pallonji Mistry, who ran Shapoorji Pallonji Group, has died aged 93. The more than 150-year-old Shapoorji Pallonji Group is one of the largest companies in India, and reclusive billionaire Pallonji Mistry has been blamed for its success.

In 2016, he received the Padma Bhushan, the country’s third-highest civilian award, for his services as an industrialist. He was one of the oldest billionaires India has seen. The business tycoon, who was born into a Parsi family in Gujarat, died in Mumbai last night.

According to latest Forbes datahe has a net worth of over $13 billion and ranks 143rd in the world.

Established 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 over 50 countries.

Pallonji Mistry’s elder son, Shapoorji Mistry, is Chairman of Shapoorji Pallonji And Company Pvt. GmbH.

His younger son, Cyrus Mistry, served as Chairman of the Tata Sons between 2012 and 2016. He was ousted amid a row that has become one of the most closely watched corporate battles in India in recent times. He also leaves behind his two daughters – Laila Mistry and Aloo Mistry

Pallonji Mistry, the construction magnate, had acquired Irish citizenship. His family became the largest shareholder in the mammoth Tata group.

Because of his strong presence in the boardroom, he was nicknamed the “Phantom of Bombay House”.

Shapoorji Pallonji Group boasts of having built several iconic buildings including Reserve Bank of India, Citi Bank Headquarters in India, SAIL Steel Plant, Jawahar Lal Nehru Stadium in Delhi among others.

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