Pallonji Mistry was also known as the ‘phantom of Bombay house’ because of his reclusive nature.
Billionaire Pallonji Mistry, Chairman of Shapoorji Pallonji (SP) Group, passed away on Tuesday, June 28, at his residence in Mumbai.
Mistry, whose SP Group is the largest shareholder in the Tata Group with 18.37 per cent holding, was 93.
Mistry was also known as the ‘phantom of Bombay house’ because of his reclusive nature. He was also among the top 10 richest people in India and due to his Irish citizenship, he was the richest Irish person.
Here is a look at the life of the business tycoon:
1. Personal life
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Born in 1929 in a Zoroastrian house in India, Pallonji Mistry attended Mumbai’s Cathedral and John Cannon School before heading to London’s Imperial College for higher education.
He graduated in civil engineering from England and took over the family business in 1954 after returning to India. The business was started by his grandfather in 1865. The company also had close ties with the Tata Group.
In 2003, he married Patsy Perin Dubash, an Irish national. He has been an Irish citizen since then.
In 2011, his son Cyrus Mistry was chosen to be the Chairman of the Tata Group. Mistry named Shapoor, his eldest son, to head the Shapoorji Pallonji group.
(Photo: Twitter)
2. Work
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Mistry headed over USD 5-billion SP Group having its roots in the construction business, which had diversified into other businesses like real estate, textiles, shipping and home appliances.
The SP Group has constructed some of Mumbai's landmark buildings, including the buildings for the State Bank of India and the Reserve Bank of India headquarters.
But one of Mistry's biggest projects was Mumbai's iconic Taj Mahal Palace, notably constructed ahead of schedule.
3. Shapoorji Pallonji Group
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The last few years have been tough for the SP Group from a financial perspective, and it also suffered difficulties with raising money by pledging its Tata Group shares.
Amid the financial difficulties, the SP Group sold a majority stake in home appliances major Eureka Forbes to private equity major Advent to raise Rs 4,400 crore.
In 2011, Pallonji Mistry’s son Cyrus Mistry was chosen to be the Chairman of the Tata Group. But he was removed as the Chairman in 2016.
The saga only ended in 2021 in a legal victory for Ratan Tata at the Supreme Court. As a result, the Mistrys decided to dilute their holdings in Tata Sons.
(Photo: Twitter)
4. Wealth
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According to Bloomberg Billionaires Index, the reclusive business icon’s net worth reportedly stood at $28.9 Billion. He stood in the 41st place on the list of richest people in the world.
He was awarded the Padma Bhushan, India's third-highest civilian award, in 2016, for his contributions in the field of trade and industry. (Photo: ANI)
