Pallonji Mistry, one of the country’s biggest industrialists and the head of Shapoorji Pallonji Group, has died at the age of 93. Born in a Parsi family of Gujarat , Mistry died on Monday night in Mumbai .
He took citizenship there by marrying an Irish woman in 2003. Pallonji Mistry leaves behind two sons and two daughters. Let us know some important things related to Mistry.
Shapoorji Pallonji Group’s business is spread over 50 countries
Shapoorji Pallonji Group is one of the largest commercial companies in India. The company’s business is spread across various sectors including construction, engineering, real estate, water and energy.
Shapoorji Pallonji Group was started in 1865. The group’s business is spread over 50 countries including India.
Pallonji Mistry was also awarded the Padma Bhushan in the year 2016 for his outstanding contribution to the industry.
Pallonji Mistry was the owner of property worth $ 13 billion
According to the latest figures from Forbes magazine, Mistry had a net worth of more than $ 13 billion and was ranked 125th in the list of the rich.
Mistry built many luxurious buildings in Mumbai during his tenure. These include the Reserve Bank of India (RBI) building, the headquarters of Citibank and the SAIL Steel Plant.
In 2004, Pallonji handed over the reins of the company to his elder son Shaporji Mistry.
Pallonji’s younger son was ousted after a legal dispute with the Tata group
Mistry’s younger son Cyrus Mistry was the chairman of Tata Sons from 2012 to 2016. He was later removed from the post due to a dispute.
The dispute between Tata Sons and Cyrus Mistry reached the Supreme Court. The Supreme Court in its decision had upheld the decision of Tata Sons.
Let us tell you that this dispute is one of the most closely watched controversies in India’s corporate disputes.
The Mistry family holds a major stake in the Tata group
However, the Mistry family still holds a substantial stake in the Tata group. The Mistry family holds about 18 per cent stake in Tata Sons, the holding company of the Tata group. For this reason, Cyrus also became the chairman of Tata Sons.