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Pallonji Mistry

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Pallonji Shapoorji Mistry
Born1929 (age 94–95)
NationalityIrish
CitizenshipIrish (previously Indian)[1]
OccupationBusinessman
Known for18.3% stake in Tata Sons
TitleChairman, Shapoorji Pallonji Group
SpousePatsy Perin Dubash
Children4, including Cyrus Mistry
RelativesNoel Tata (son-in-law)

Pallonji Shapoorji Mistry (born 1929) is an Indian-born Irish billionaire construction tycoon and chairman of Shapoorji Pallonji Group who is the richest Irish person. According to Forbes, his wealth is estimated to be US$14.4 billion as of October 2019. With his 18.3% stake in Tata Sons,[1] he is the largest individual shareholder in India's largest private conglomerate, Tata Group, the primary shareholder of which is the Tata philanthropic Allied Trusts, with 66 per cent controlling interest.[3]

Early life

Pallonji Mistry was born in a Parsi family from Gujarat.[4][5]

The Mistrys own a substantial construction company, Shapoorji Pallonji. Shapoorji, the group patriarch and Pallonji's father, built some of Mumbai's landmarks around the Fort area – the Hong Kong & Shanghai Bank, the Grindlays Bank, the Standard Chartered Bank, the State Bank of India and the Reserve Bank of India buildings.[6]

Career

His father first bought shares in Tata Sons in the 1930s, a stake that currently stands at 18.37% making Mistry the largest individual shareholder in Tata Sons, which is primarily controlled by the charitable Tata Trusts.[7][8]

Pallonji Mistry is the chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes Limited.

He is the former chairman of Associated Cement Companies.

His son, Cyrus, was chairman of Tata Sons from November 2011 to October 2016.[9][10] Within the Tata Group he is known as the Phantom of Bombay House for the quiet but assured way he commands power around the Mumbai headquarters of the Tata empire.[8]

Accolades

The President, Shri Pranab Mukherjee (right) presenting the Padma Bhushan Award to Shri Pallonji Shapoorji Mistry, at a Civil Investiture Ceremony, at Rashtrapati Bhavan, in New Delhi on March 28, 2016

A short biography of Mistry was written in a 2008 book by Manoj Namburu titled The Moguls of Real Estate.[11]

He was awarded the Padma Bhushan in January 2016 by the Government of India for his contributions in the field of trade and industry.

Personal life

In 2003, Pallonji gave up his Indian citizenship to become an Irish citizen "on the basis of his marriage to an Irish-born national", Pat "Patsy" Perin Dubash, who was born in September 1939 at Hatch Street Nursing House in Dublin.[12] He remains in residence in Mumbai. The family's interest in Ireland is ascribed, in part, to their love of horses; Mistry owns a 200 acres (0.81 km2) stud farm and a 10,000-square-foot (930 m2) home in Pune, India.[13]

He has two sons and two daughters, one of whom, Aloo, is married to Noel Tata, the half-brother of Ratan Tata.[14][15]

References

  1. ^ a b "The Phantom Player". business.outlookindia.com. Archived from the original on 9 March 2011. Retrieved 23 February 2011.
  2. ^ "Bloomberg billionaire profile: Pallonji Mistry". Bloomberg L.P. Retrieved 8 January 2021.
  3. ^ Valdivia, Stephen Fortune: "Meet Tata: India's Biggest Company"; 1:53; 21 Sept. 2017.
  4. ^ Manoj Namburu (1 October 2007). Moguls of Real Estate. Roli Books Private Limited. pp. 142–. ISBN 978-93-5194-074-6.
  5. ^ "Gujaratis Dominate Forbes List Of The Wealthiest Indians". NDTV. 22 September 2016.
  6. ^ "Pallonji Mistry is Ireland's richest person". rediff.com. 1 April 2010. Retrieved 24 November 2011.
  7. ^ Cite error: The named reference forbes was invoked but never defined (see the help page).
  8. ^ a b "Cyrus Mistry, a Tata in all but name". CNBC-TV18. Reuters. 23 November 2011. Retrieved 24 November 2011.
  9. ^ "Cyrus Mistry Removed As Chairman Of Tata Sons, Ratan Tata To Hold Interim Position". Outlook (India).
  10. ^ "Tata successor announced: Cyrus Mistry to take over from Ratan Tata in December 2012". NDTV.com. Retrieved 22 January 2018.
  11. ^ "Property Plus Bangalore : Absorbing tales of tycoons". Chennai, India: The Hindu. 15 March 2008. Retrieved 23 February 2011.
  12. ^ "Ireland's Rich List 1–10". Irish Independent. 31 March 2010. Retrieved 5 October 2011.
  13. ^ SUNANDA MEHTA & DEV CHATTERJEE (29 August 2004). "Mistry millionaires". Indian Express. Retrieved 5 October 2011.
  14. ^ Munroe, Tony and Mehra, Prashant UPDATE 2-Global search for Tata chairman ends close to home. Reuters, 23 November 2011. Retrieved 23 November 2011.
  15. ^ Vijayraghavan, Kala; Mandavia, Megha (26 August 2018). "How next gen scions Leah, Maya and Neville are working their way up in Tata Group companies". The Economic Times. Retrieved 26 August 2018.

Further reading

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