Pallonji Shapoorji Mistry, the billionaire realtor and businessman who served as Chairman Emeritus of the renowned Shapoorji Pallonji Group, died late last night at his residence in Mumbai, according to official authorities.
He was 93 years old and is survived by his sons, Shapoorji and Cyrus P. Mistry, the latter of whom was in the spotlight for a major business squabble with the Tata Group a few years ago, and two daughters, Laila and Aloo, the latter of which is married to Noel Tata, Ratan Tata’s half-brother.
The Shapoorji Pallonji Group operates in engineering & Construction, Infrastructure, Real Estate, Water, Energy, and Financial Services. According to its website, the firm employs over 50,000 people and provides end-to-end solutions in 50 countries. Pallonji Mistry allowed the company to expand into Middle Eastern nations.
The Pallonji Mistry family owns 18.4 percent of Tata Sons, the Tata group’s parent business. The SP Group, founded in 1865, has constructed some of Mumbai’s icons, including the Reserve Bank of India and The Taj Mahal Palace hotel buildings.
The Group also produced the legendary Hindi film, K. Asif’s ‘Mughal-E-Azam’ (1960), which was the most expensive at the time and remains one of Bollywood’s most popular films to this day.
Pallonji Mistry received the Padma Bhushan, India’s third-highest civilian honour, in 2016 for his contributions to the industry.
Prime Minister Narendra Modi condoling the death of Mistry tweeted: “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.”
Union Minister for Women and Child Development Smriti Irani on the industrialist’s demise. “Pallonji Mistry, the end of an era. One of life’s greatest joys was to have witnessed his genius, his gentleness at work. My condolences to the family and his loved ones,” the minister posted.
“Shapoorji Pallonji Group Chairman Sh Pallonji Mistry Ji was a pioneer of his industry and enthusiastic about the initiatives he undertook spanning decades. I am saddened to learn of his loss and extend my condolences to his family and friends,” Union Minister Anurag Thakur tweeted.