Winning Bizness Desk
Mumbai. Pallonji Shapoorji Mistry, head of Shapoorji Pallonji Group, which constructed Mumbai’s iconic RBI old building in 1939, HSBC’s six-storeyed building opposite Flora Fountain in 1950, and TIFR in 1962, passed away on June 28 at the ripe age of 93. He is survived by his wife Patsy, daughters Laila Rustom Jehangir, Aloo Noel Tata, sons Shapoor Mistry and Cyrus Mistry, and their respective families. A Padma Bhushan awardee, he superannuated from the board of Tata Sons, the holding company of Tata Group, at 75.
Born on June 1, 1929
Pallonji was born on June 1, 1929, and did his schooling and college education in Bombay, as it was then called. He joined his family business, Shapoorji Pallonji & Company in 1947 at the age of 18, under the watchful eyes of his father, Shapoorji Pallonji Mistry.
Modi expressed grief
Prime Minister Narendra Modi took to Twitter condoling Mistry’s death, saying, “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.
Held 18.4% in Tata Sons
He held 18.4% in Tata Sons, which was sold to him by JRD Tata’s brother and sister, making him its single -largest shareholder. He bequeathed his stake equally to his two sons Cyrus and Shapoor. Ratan Tata, former chairman of Tata Sons, inducted Cyrus Mistry on the board of the conglomerate and Shapoor Mistry on the board of Indian Hotels post-Mistry’s superannuation. Cyrus went on to become chairman of Tata Sons from 2012-2016 until he was ousted from there after a bitter feud with the old guard.