Business tycoon Pallonji Mistry, who headed Shapoorji Pallonji Group, dies at 93

Mumbai, Jun 28: Shapoorji Pallonji Group's head Pallonji Mistry died at his residence here, company officials said on Tuesday. Mistry, the largest individual shareholder in the Tata Group with a 18.4 per cent holding in the conglomerate, was 93.

He died mid-sleep at his south Mumbai residence on the intervening night of Monday and Tuesday, the officials said.

According to Bloomberg Billionaires Index, his wealth is estimated to be US$28.0 billion as of 9 April 2021.

Born in a Parsi family from Gujarat. the Mistrys own a substantial construction company, Shapoorji Pallonji.

Shapoorji, the group patriarch and Pallonji's father, built some of Mumbai's landmarks around the Fort area - the Hong Kong & Shanghai Bank, the Grindlays Bank, the Standard Chartered Bank, the State Bank of India and the Reserve Bank of India buildings.

In 2016, he had 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. The business tycoon, who was born in a Parsi family in Gujarat, died last night in Mumbai.

His father first bought shares in Tata Sons in the 1930s, a stake that currently stands at 18.4% making Mistry the largest individual shareholder in Tata Sons, which is primarily controlled by the charitable Tata Trusts.

Pallonji Mistry is the chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes Limited.

He is the former chairman of Associated Cement Companies.

His son, Cyrus, was chairman of Tata Sons from November 2011 to October 2016. Within the Tata Group he is known as the Phantom of Bombay House for the quiet but assured way he commands power around the Mumbai headquarters of the Tata empire.