According to corporate officials, billionaire Pallonji Mistry, the chairman of the diverse Shapoorji Pallonji (SP) Group, passed away here in the early morning hours of Tuesday. Mistry, whose SP Group owns 18.37 percent of the more than $100 billion conglomerate and is the largest stakeholder in the Tata Group, was 93 years old. They reported that the Indian-born Mistry passed away in the middle of the night at the family home in South Mumbai. He had become a citizen of Ireland.
Prime Minister Narendra Modi tweeted a homage to the man, expressing his sadness at his passing. He significantly influenced business and industry, according to Modi. Mistry, who was born in 1929, was the head of the $5 billion privately held SP Group, which had its origins in the construction industry but had since expanded into other industries such as real estate, textiles, shipping, and home appliances.
The secretive business legend, estimated to be worth over $29 billion, received the Padma Bhushan in 2016, India's third-highest civilian honour. Cyrus Mistry, who succeeded Ratan Tata as Chairman of the Tata Group before being fired by the board in 2016, is one of his four surviving children. Financially speaking, things have been difficult for the SP Group over the past few years, and it has also had issues trying to raise money by pledging its Tata Group shares.