Pallonji Mistry

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Pallonji Shapoorji Mistry
Born 1929
Residence Malabar Hill, South Mumbai
Nationality Irish
Citizenship Irish (previously Indian)[1]
Alma mater Cathedral & John Connon School
Imperial College London
Occupation Chairman of Shapoorji Pallonji Group
18.4% stake in Tata Sons
Net worth DecreaseUS$16.9 billion (Sep 2016)[2]
Spouse(s) Married
Children 4

Pallonji Shapoorji Mistry (born 1929) is an Irish Indian construction tycoon and chairman of Shapoorji Pallonji Group. According to Forbes, his wealth is estimated to be US$16.9 billion as of September 2016. With his 18.4% stake in Tata Sons,[1] he is the single largest shareholder in India's largest private conglomerate Tata Group. He is also the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes Limited. He is also the former Chairman of Associated Cement Companies. Pallonji gave up his Indian citizenship in 2003 to obtain Irish national , because India does not yet allow dual nationality . His son Cyrus was chairman of Tata Sons from November, 2011 to October, 2016. [3][4] A short biography of Mistry was written in a 2008 book by Manoj Namburu titled The Moguls of Real Estate.[5] 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 and wealth[edit]

Mistry's father first bought shares in the Tata Sons in the 1930s, a stake that currently stands at 18.4%. Mistry is the largest single shareholder in Tata Sons, a firm mostly controlled by trusts.[2][6] The Mistrys have a huge 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.[7]

He is an alumnus of the prominent Cathedral & John Connon School as well as Imperial College London.

Within the Tata Group he is known as the Phantom of Bombay House for the quiet but assured way he commands power around the south Mumbai headquarters of the Tata empire.[6]

In 2003, he became an Irish citizen "on the basis of his marriage to an Irish born national", Pat (Patsy) Perin Dubash, who was born in September 1939 in Hatch Street Nursing House in Dublin.[8] He gave up his Indian citizenship as the Indian Government currently does not allow dual citizenship, though he remains resident in Mumbai. He owns a stake in the Taj Mahal Hotel. The family's interest in Ireland is compounded by their love of horses. They own a 200 acres (0.81 km2) stud farm in Pune, India. Mistry also owns a 10,000-square-foot (930 m2) home in Pune.[9]

He has two sons and two daughters. One daughter, Aloo, is married to Noel Tata, the half-brother of Ratan Tata.[10]

Religion[edit]

Pallonji Mistry is from vaishya community, his religion being Zoroastrianism.[11]

References[edit]

  1. ^ a b "The Phantom Player". business.outlookindia.com. Retrieved 23 February 2011. 
  2. ^ a b "Pallonji Mistry". Forbes.com. Retrieved 23 September 2016. 
  3. ^ "Cyrus Mistry Removed As Chairman Of Tata Sons, Ratan Tata To Hold Interim Position". 
  4. ^ Tata successor announced: Cyrus Mistry to succeed Ratan Tata
  5. ^ "Property Plus Bangalore : Absorbing tales of tycoons". Chennai, India: The Hindu. 15 March 2008. Retrieved 23 February 2011. 
  6. ^ a b "Cyrus Mistry, a Tata in all but name". Reuters. CNBC-TV18. 23 November 2011. Retrieved 24 November 2011. 
  7. ^ "Pallonji Mistry is Ireland's richest person". rediff.com. 1 April 2010. Retrieved 24 November 2011. 
  8. ^ "Ireland's Rich List 1–10". Irish Independent. 31 March 2010. Retrieved 5 October 2011. 
  9. ^ SUNANDA MEHTA & DEV CHATTERJEE (29 August 2004). "Mistry millionaires". Indian Express. Retrieved 5 October 2011. 
  10. ^ Munroe, Tony and Mehra, Prashant UPDATE 2-Global search for Tata chairman ends close to home. Reuters, 23 November 2011. Retrieved 23 November 2011.
  11. ^ "Who is Cyrus Mistry?". IBN Live. 23 November 2011. Retrieved 24 November 2011. 

Further reading[edit]