Business Tycoon Pallonji Mistry Passes Away at 93, PM Modi Tweets Condolences
Pallonji Mistry had been felicitated with the Padma Bhushan, one of India’s top civilian awards, in 2016.
The Quint DAILY
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Business tycoon Pallonji Mistry, who headed the Shapoorji Pallonji Group, passed away at the age of 93 late night on Monday, 27 June.
Mistry had been felicitated with the Padma Bhushan, one of India’s top civilian awards, in 2016. An Irish citizen, the business magnate had also been known as the “Phantom of Bombay House” for keeping low profile.
According to the latest Forbes data, he had a net worth of over $13 billion, ranking at 143 worldwide.
Prime Minister Narendra Modi tweeted his condolences for the deceased.
"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," he said.
A number of other political leaders, including President of India Ram Nath Kovind and Union Ministers Nitin Gadkari and Mansukh Mandaviya, also tweeted their tributes.
The Shapoorji Pallonji Group, established in 1865, is one of the largest business firms in India. Based in Mumbai, the company operates in construction, real estate, textiles, engineered goods, home appliances, shipping, publications, power, and biotechnology.
It is credited with building a number of the city's landmarks, including the Reserve Bank of India headquarters, the Taj Mahal Palace and Towers, and the Oberoi Hotels.
Mistry and his family came into the limelight in 2012, when his younger son Cyrus Mistry was chosen to head the Tata group after Ratan Tata announced his retirement.
Cyrus had been ousted from the company in October 2016 in one of the country's most infamous corporate showdowns.
Mistry had named his oldest son, Shapoor, 50, chairman of Shapoorji Pallonji Group in June 2012.
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