Pallonji Mistry, the Indian business tycoon who headed construction conglomerate Shapoorji Pallonji Group (SP Group) and whose family is the Tata Group’s largest minority shareholder, died in Mumbai, India on Monday. He was 93 years old.
The Shapoorji Pallonji Group was founded in 1865 and covers six business sectors: engineering and construction, infrastructure, real estate, water, energy and financial services. It is spread across 50 countries, including the United Arab Emirates, Saudi Arabia, and Oman.
Pallonji Mistry’s eldest son, Shapoorji Mistry, is the chairman of Shapoorji Pallonji and Company. His youngest son, Cyrus Mistry, was the chairman of the Tata Sons between 2012 and 2016, until he was ousted in a board battle. He is also survived by his two daughters, Laila Mistry and Aloo Mistry.
The Pallonji Mistry family owns 18.4% of Tata Sons, the Tata Group’s investment holding company.
The SP Group has built some of Mumbai’s icons including the Reserve Bank of India and the Taj Mahal Palace hotel buildings. He also built the Qasr Al Alam Palace in Muscat, Oman.
Pallonji Mistry had a net worth of over $13 billion, according to Forbes data.
(Reporting by Brinda Darasha; editing by Seban Scaria)