Shapoorji Pallonji Group chief Pallonji Mistry passed away late last night at his residence in Mumbai. He was 93 at the time of his passing. Balji MistryInclusive business tycoon credited for the success of over 150 years old Shapoorji Pallonji Group, which has become one of the largest trading groups in the country. In the Forbes billionaires list, Pallonji Mistry is ranked 125th as of 2022, while he was the ninth richest Indian person as of 2021.
According to company officials, Pallonji Mistry passed away on the intervening night of Monday and Tuesday at his South Mumbai residence. The business tycoon helped SP Group expand into countries in the Middle East including Abu Dhabi, Qatar and Dubai in the 1970s. In 1971, the company won its first overseas project for the construction of the Palace of the Sultan of Oman, which was completed in 1976. Subsequently, the company built several ministerial buildings in the area. The company became a conglomerate under his supervision, and provided solutions in real estate, water, energy and financial services.
The Irish tycoon of Indian origin was the richest person in his country, and had a net worth of $28.90 billion as of June 28, 2022, according to the Bloomberg Billionaires Index. One of India’s oldest billionaires, Pallonji was awarded one of the oldest billionaires in the country. The third highest civilian award, Padma Bhushan, in 2016, for his contribution to business including real estate, textiles, power, shipping, publishing and others.
Born in Gujarat in 1929 to a Parsi family, the Shapoorji Pallonji Group, under the supervision of Pallonji Mistry, has built some iconic structures in Mumbai, including the Reserve Bank of India. India building, the State Bank of India building, and the Taj Mahal Palace Hotel buildings. In 2004, Pallonji Mistry took a backseat after his elder son Shapoor Mistry took over as the chairman of the business.
Shapoorji Pallonji & Company Private Limited is a global, diversified conglomerate of 18 leading companies. Founded in 1865, the company has a 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 focusing on the sustainable development of the company.
The family’s most prized possessions hold 18.4 percent in the Tata Group, India’s business conglomerate, in which Pallonji Mistry is the firm’s largest shareholder. However, after the ouster of Cyrus Mistry, who was the chairman of the Tata Group and son of Pallonji Mistry, in 2016, the Mistry group sought to sell its shares in September 2020. The dispute between the SP Group and the Tata Group became one of them. The biggest corporate performance in India’s history, when Cyrus was ousted as the chairman of the Tata Group in 2016. Since then, the Supreme Court has refused to review Cyrus Mistry’s plea, after which the family has sought to sell their shares.
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