Pallonji Mistry (1929–2022) was an Indian-born Irish businessman and former chairman of Shapoorji Pallonji (SP) Group. As of 2021, he was the 9th richest businessman in India as well as the richest Irishman. He died on 28 June 2022 at the age of 93 due to natural causes.
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Wiki/Biography
Pallonji Shapoorji Mistry was born on Saturday, 1 June 1929 (age 93 years at death) in Bombay, Bombay Presidency, British India (now Mumbai, Maharashtra, India). His zodiac sign is Gemini. After completing his schooling at The Cathedral and John Connon School, Mumbai, he pursued higher education at Imperial College, London.
Family
Pallonji Shapoorji Mistry belonged to a Gujarati Parsi family.
parents and siblings
His father, Shapoorji Pallonji Mistry, was the founder of Shapoorji Pallonji & Company Limited.
wife and children
His wife, Pat Perrin Dubash, is an Irish national and an interior decorator. His son Shapoor Mistry is the chairman of SP Group. His son, Cyrus Mistry, former chairman of Tata Group, died in a fatal car accident near Mumbai on 4 September 2022. His daughter, Laila Rustam Jahangir, was a director of Kavisha Holdings Pvt. Ltd. His daughter Aloo Noel Tata is married to Ratan Tata’s stepbrother Noel Tata.
A photograph of Pallonji Shapoorji Mistry with his sons, daughters and wife
Religion
Pallonji Shapoorji Mistry followed Parsi religion.
livelihood
Pallonji Shapoorji Mistry started his career as a businessman in 1947 after joining his father’s Shapoorji Pallonji & Co. Ltd. at the age of 18. After his father’s death in 1975, Pallonji took over as Chairman of Shapoorji Pallonji & Company Limited. , the company was contracted to build the palace of the then Sultan of Oman, Qaboos bin Said Al Said. When the palace was completed in 1976, Shapoorji Pallonji & Company Limited became the first Indian construction company to complete a project abroad. Following the success in Oman, the company was awarded contracts to several Asian, African and Middle Eastern countries. The company also built famous landmarks in India such as the Reserve Bank of India (RBI) building, the Bombay Stock Exchange (BSE) building, the Taj Mahal Palace Hotel and the Brabourne Stadium. He has served as a board member of several organizations including Union Bank of India, WH Brady Group of Companies, The Associated Cement Companies Limited and Tata Sons. Shapoorji Pallonji & Company Limited established several businesses under its auspices; Thus, Shapoorji Pallonji (SP) group was formed.
On 22 April 1987, he took over as Director at Shapoorji Pallonji & Company Limited. On 4 April 1994, he became the director of Shapoorji Pallonji Finance Limited. On 17 November 1995, he was appointed as a Director of Sterling Investment Corporation Pvt. Ltd. On 20 November 1995, he was appointed as the Director of Shapoorji Pallonji & Company (Rajkot) Pvt. Ltd. He became the director of Shapoorji Pallonji Infrastructure Capital Company Private Limited on 6 November 1997. Pallonji took over as Director at Afcons Infrastructure Limited on 26 April 2000. After Eureka Forbes Limited was acquired by Shapoorji Pallonji (SP) Group, Pallonji became its director on 15. March 2002. On 28 May 2003, his company established Sovereign Pharma Pvt Ltd after which he became its director. He has also served as the Chairman of Associated Cement Companies (ACC) Limited. Citing ill health and old age, Pallonji stepped down from the chairmanship of Shapoorji Pallonji (SP) Group in 2012 and appointed his elder son Shapoor Mistry as chairman.
A picture of Pallonji Mistry with Shapoor Mistry
Dispute between Tata and Mistry
In 2016, after Cyrus Mistry was removed as chairman of Tata Sons, SP Group dragged Tata to court. In July 2020, SP Group pledged its 18.3% stake to Brookfield, which Pallone’s father had bought in the 1930s, for Rs 3,750 crore to secure the livelihood of SP Group workers during the COVID-19 pandemic. Loan can be raised. SP Group said,
The Mistry family was trying to raise money to protect their personal property. The step was taken to protect the livelihood of its 60,000 employees and over 100,000 migrant workers. The action by Tata Sons to halt this important fund-raising, regardless of the collateral consequences, is the latest demonstration of their vindictive mindset.
Later, Tata Sons went to the Supreme Court seeking intervention to stop SP Group from doing so. In September 2020, the Supreme Court ruled in favor of Tata Sons. SP Group later released a statement in which it said that the company will part ways with Tata as their co-existence is no longer yielding fruitful results. SP Group said in its official statement,
Mutual co-existence of both the groups in Tata Sons will be impossible… and separation from the Tata Group is necessary. The current situation has forced the Mistry family to consider the past, present and possible future for all stakeholders. The past repressive actions, and the latest retaliatory move by Tata Sons, which impacts the livelihood of the wider SP Group community, leads to the unambiguous conclusion that mutual co-existence of the two groups at Tata Sons would be unviable.
Padma Bhushan
Pallonji Shapoorji Mistry was awarded the Padma Bhushan, India’s third highest civilian award, by the Government of India in 2016.
Pallonji Shapoorji Mistry receiving Padma Bhushan from President Pranab Mukherjee
Property
He owned a stud farm spread over 200 acres (0.81 km2) of land in Pune, Maharashtra. He has built a 10,000 square feet (930 m2) house in Pune. He owns a 99,99,672 square feet mansion in Mumbai. He also has homes in Dubai, London and Surrey.
net worth
As of 2022, Pallon Mistry’s net worth was estimated at $15 billion.
Death
Pallonji Shapoorji Mistry died on 28 June 2022 at the age of 93. He died of natural causes while he was sleeping at around 1.00 am in his Mumbai residence. Expressing condolences, Prime Minister Narendra Modi said,
Shocked by the news of the tragic demise of Pallonji Mistry. He made memorable contributions to the world of commerce and industry. My condolences to his family, friends and countless fans. May his soul rest in peace.”
Facts/General Knowledge
- He is also known as Phantom of Bombay House.
- He gave up his Indian citizenship and acquired Irish citizenship in 2003.
- In 2006, Pallonji and his wife established an old-age home at BD Petit Parsi Hospital in Mumbai.
- Pallonji occasionally consumed alcoholic beverages.
Categories: Biography
Source: vcmp.edu.vn