Shapoorji Pallonji group chairman and billionaire tycoon Pallonji Mistry passed away in Mumbai Monday night, reported ABP news. The billionaire tycoon died at the age of 93. The veteran businessman is survived by four children including two sons Shapoor Mistry and Cyrus Mistry, and two daughters Laila Mistry and Aloo Mistry.
Pallonji Shapoor Mistry was an Indian born Irish billionaire and the chairman of construction giant group. The 156-year old business empire of the Shapoorji Pallonji Mistry group spans from real estate to consumer goods.
In 2016, he was awarded the Padma Bhushan, the country's third highest civilian award.
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Born in 1929, Mistry studied at Mumbai’s Cathedral & John Cannon School. He then moved to London’s Imperial College for higher education and later joined his father's business at the age of 18. He was instrumental in expanding the company to Abu Dhabi, Dubai and Qatar in the Middle East in the 1970s.
The group has a presence in engineering & construction, infrastructure, real estate, water, energy and financial Services. The group has an employee base of more than 50,000 people delivering end-to-end solutions across 50 nations.
Last year, Shapoorji Pallonji Group had sold its consumer durables business under the Eureka Forbes label to the American private equity fund Advent International. Eureka Forbes operates with brands like Aquaguard and Forbes.
The family's biggest asset is an 18.4 per cent stake in Tata Sons, holding outfit of the $103 billion (revenue) Tata Group, a conglomerate of 30 companies.