Pallonji Mistry, the Indian business tycoon who was the head of the construction conglomerate Shapoorji Pallonji Group (SP Group) and whose family is the largest minority shareholder in the Tata Group, passed away in Mumbai, India, on Monday. He was 93.
The Shapoorji Pallonji Group was founded in 1865 and spans six business segments - engineering and construction, infrastructure, real estate, water, energy and financial services. It is spread across 50 countries, including the UAE, Saudi Arabia and Oman.
Pallonji Mistry's elder son, Shapoorji Mistry, is the chairman of the Shapoorji Pallonji and Company. His younger son, Cyrus Mistry, was the chairman of the Tata Sons between 2012 and 2016, until he was ousted in a boardroom battle. He is also survived by his two daughters, Laila Mistry and Aloo Mistry.
The Pallonji Mistry family owns 18.4 percent of Tata Sons, the investment holding company of Tata Group.
The SP Group has constructed some of Mumbai’s icons, including the Reserve Bank of India and The Taj Mahal Palace hotel buildings. It 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)