Trending:

Pallonji Mistry: Richest Irish and the Phantom of Bombay House

According to the latest Forbes data, Pallonji Mistry had a net worth of over $13 billion, ranking at 143 worldwide. The Bloomberg Billionaires Index, on the other hand, places Mistry, with a net worth of $28.9 billion, at the 41st spot on the richest persons list.

ET Now Digital

Updated Jun 28, 2022, 12:21 IST

Pallonji Mistry: The richest Irish and the Phantom of Bombay House

New Delhi: Monday night marked the end of an era as Shapoorji Pallonji group chairman Pallonji Mistry passed away mid-sleep at his south Mumbai residence. The billionaire industrialist was 93. Born in 1929 in a Zoroastrian family in India, Misty joined his family’s construction firm at the age of 18 in 1947.

The Shapoorji Pallonji group was established in 1865 by Mistry’s grandfather with their debut project being the first reservoir in Mumbai. Today, it works across segments like engineering and construction, infrastructure, real estate, water, energy and financial services.

Phantom of Bombay House

Mistry was often called the ‘Phantom of Bombay House’, the Tata group’s head office, for his quiet demeanor and avoidance of the media. He was appointed on Tata Sons’ board as non-executive director in 1980.

Taking the business abroad

Mistry took the family business to the Middle East, including Abu Dhabi, Qatar and Dubai, in 1970. The Shapoorji Pallonji group secured a contract to build the Sultan of Oman’s palace in 1971 and many ministerial buildings there.

Mistry’s father was also a part of the family business, however, the working style of both was different. Mistry’s management style and desire to expand globally was in sharp contrast to that of his father, who traveled abroad just twice to help some family members seek medical treatment, according to the 2007 book “Moguls of Real Estate,” by Manoj Namburu.

The book cites Zafar Iqbal, a former chief executive officer of SP Group, narrating how Mistry was often ready to complete a construction project even at a loss just to save the company’s reputation.

Under the leadership of Mistry, the SP Group turned into a conglomerate that included real estate, water, energy and financial services. The company now employs over 50,000 people in over 50 countries.

It was through the company that Mistry became the largest shareholder in Tata Sons, holding 18.37 per cent shares of the company. Mistry took a backseat after Shapoor, his eldest son, took over as chairman of SP Group companies in 2004.

Padma Bhushan awardee

The construction magnate was conferred Padma Bhushan, the third highest civilian honour, in 2016 for his contribution in the field of industry and trade.

According to the latest Forbes data, he had a net worth of over $13 billion, ranking at 143 worldwide. The Bloomberg Billionaires Index, on the other hand, places Mistry, with a net worth of $28.9 billion, at the 41st spot on the richest persons in the world list. He is ranked above Azim Premji, who is placed at the 48th spot.

The richest Irish

While many are aware of him being one of the richest Indians, a few know that Mistry was the richest Irish person due to his Irish citizenship, which he took in 2003 after tying the know with Patsy Perin Dubash.

Latest News