Who was Pallonji Mistry? Everything you need to know about the business tycoon

Business tycoon Pallonji Mistry, the head of the Shapoorji Pallonji Group, passed away at the age of 93 on the intervening night of Monday and Tuesday night. According to his company officials, Mistry was at his south Mumbai residence when he died mid-sleep last night. Born in India, Mistry later gave up his Indian citizenship to become an Irish tycoon.

Mistry was the largest individual shareholder in the Tata Group with an 18.6% holding in the conglomerate. One of the richest Irish people, Mistry had a net worth of over USD 13 billion further ranking at 143rd number worldwide, stated Forbes' latest data. Let’s have a look at Pallonji Mistry and his career.

Who was Pallonji Mistry?

Born in 1929, Pallonji Mistry completed his schooling in Mumbai’s Cathedral and John Cannon School. He later went to London’s Imperial College for higher education and started working at the age of 18 and later worked with his father to expand their company in the Middle East. It is pertinent to note that Mistry built the palace of the Sultan of Oman in 1976 as his first overseas project.

Pallonji Mistry headed the Shapoorji Pallonji Group through which he also owned Shapoorji Pallonji Construction Limited, Forbes Textiles, and Eureka Forbes Limited. In addition to that, he was also the former chairman of Associated Cement Companies. Founded in 1865, Mistry’s Shapoorji Pallonji Group functions across 50 countries.

Mistry later became the largest individual shareholder in the Tata Group, holding 18.4% shares in the conglomerate. He went on to accumulate a net worth of almost USD 29 billion, according to the Bloomberg Billionaires Index. Mistry, who became one of the oldest billionaires in India, received the Padma Bhushan in 2016 for his contribution as an industrialist.

Mistry surrendered his Indian nationality in 2003 and became an Irish citizen through a marriage to Dublin-born Patsy Perin Dubash. In 2008, a biography on him titled ‘The Moguls of Real Estate’ authored by Manoj Namburu was released. Later in September 2020, the Mistrys decided to sell their Tata Sons' stake. They said that a "separation of interests would best serve all stakeholder groups."

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