Pallonji Mistry, Chairman of the Shapoorji Pallonji Group died last night. The 93-year-old veteran industrialist breathed his last at his Mumbai residence.
Shapoorji Pallonji group chairman and billionaire industrialist Pallonji Mistry passed away in Mumbai Tuesday morning at the age of 93. Shapoorji Pallonji group has a presence in Engineering & Construction, Infrastructure, Real Estate, Water, Energy, and Financial Services. With an employee base of over 50,000 people, the group delivers end-to-end solutions across 50 nations, according to its website.
The Pallonji family owns an 18.4% stake in Tata Sons, the holding company of the Tata group. Founded in 1865, the SP Group has built some of Mumbai’s landmarks, including the Reserve Bank of India building in Mumbai.
Last year, Shapoorji Pallonji Group sold its consumer durables business under the Eureka Forbes label to the American private equity fund Advent International. Eureka Forbes operates with brands like Aquaguard and Forbes. Pallonji Mistry and his family were thrust into the spotlight in 2012, when his younger son Cyrus Mistry was chosen to helm the Tata group. The bonhomie ended with his son’s ouster in October 2016, which triggered one of India’s worst corporate showdowns.
Last year, the Supreme Court had ruled in favor of Tata Sons Pvt. in its years-long dispute with Cyrus Mistry, dealing a blow to his family which owns about 18% of the nation’s biggest conglomerate. The top court had said the 2016 ouster of Cyrus P. Mistry as chairman of Tata is legal, rejecting the former executive’s allegations of mismanagement by the group that makes products from salt to software and luxury Jaguar cars. The court also upheld Tata’s rules on minority shareholder rights, making it difficult for investors to sell shares.
