Billionaire Pallonji Mistry, Chairman of diversified Shapoorji Pallonji (SP) Group, died in the wee hours of Tuesday, June 28, in Mumbai, company officials said. Mistry, whose SP Group is the largest shareholder in the Tata Group with 18.37% holding in the over USD 100 billion conglomerate, was 93. India-born Mistry died mid-sleep at 1 am at the family residence in South Mumbai, they said. He had acquired Irish citizenship.
Born in 1929, Mistry headed the privately held, over USD 5-billion SP Group which has its roots in the construction business and had diversified into other businesses like real estate, textiles, shipping and home appliances. The reclusive business icon, who was reportedly worth over USD 29 billion, was awarded the Padma Bhushan, India's third-highest civilian award, in 2016.
He is survived by four children, including Cyrus Mistry, who succeeded Ratan Tata as Chairman of the Tata Group before being ousted by the board in 2016. In the last few years, the going has been tough for the SP Group from a financial perspective and it also suffered difficulties with raising money by pledging its Tata Group shares.
The Mistrys have been challenging the removal of Cyrus and in the process of the legal tangles, have also offered to exit their holding in the Tata Group. Amid the financial difficulties, the SP Group sold a majority stake in home appliances major Eureka Forbes to private equity major Advent to raise Rs 4,400 crore.
The SP Group was founded in 1865 and has built significant buildings in the financial capital of Mumbai over its 150-year existence, including that of the Reserve Bank of India and HSBC. Paying tribute to him, Prime Minister Narendra Modi tweeted that he is saddened by the passing away of the billionaire. He made monumental contributions to the world of commerce and industry, Modi said.
Union Cabinet Minister Smriti Irani described Mistry's death as the end of an era. “One of life's greatest joys was to have witnessed his genius, his gentleness at work,” she added. Other ministers including Nitin Gadkari, Mansukh Mandaviya, Hardeep Singh Puri and Karnataka Chief Minister Basavaraj Bommai also expressed condolences. A funeral service will be held on Wednesday morning, which will be followed by the 'Uthamna' ritual as per Parsi conventions at the Tower of Silence in South Mumbai's Kemps Corner, officials said.
Saddened by the passing away of Shri Pallonji Mistry. He made monumental contributions to the world of commerce and industry. My condolences to his family, friends and countless well-wishers. May his soul rest in peace.
— Narendra Modi (@narendramodi) June 28, 2022