MUMBAI: Pallonji Shapoorji Mistry, head of Shapoorji Pallonji Group , which constructed Mumbai’s iconic RBI old building in 1939, HSBC's six-storeyed building opposite Flora Fountain in 1950 and TIFR in 1962, passed away on June 28 at the ripe age of 93.
He is survived by his wife Patsy, daughters Laila Rustom Jehangir, Aloo Noel Tata, sons Shapoor Mistry and Cyrus Mistry, and their respective families.
A Padma Bhushan awardee, he superannuated from the board of Tata Sons, the holding company of Tata Group, at 75. He held a 18.4% stake in Tata Sons, which was sold to him by JRD Tata's brother and sister, making him its single-largest shareholder. He bequeathed his stake equally to his two sons Cyrus and Shapoor. Ratan Tata, former chairman of Tata Sons, inducted Cyrus Mistry on the board of Tata Sons and Shapoorji Mistry on the board of Indian Hotels post Mistry’s superannuation.
Cyrus went on to become chairman of Tata Sons from 2012-2016 until he was ousted from there after a bitter feud with the old guard.
Prime Minister Narendra Modi took to Twitter to condole Mistry's death, saying , "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."
Pallonji Mistry was born on June 1, 1929 and did his schooling and college education in Bombay, as it was then called. He joined his family business, Shapoorji Pallonji & Company Ltd, in 1947 at the relatively young age of eighteen, under the watchful eyes of his father, Shapoorji Pallonji Mistry.
He learned the ropes of the business very quickly, witnessed many ups and downs as the business culture of India evolved. He took over the reins of the company in 1975, when his father passed away.
Towards the end of the 1960s, Pallonji had the incredible foresight, confidence, and determination to venture abroad. Construction in the Middle East, fuelled by petrodollars, was booming. Under Pallonji’s leadership, the company bid for, and won, a tender to build the Palace of HM Sultan Qaboos bin Said al Said in Muscat.
When HM Sultan opened his Muscat Palace for visitors in 1975, it not only established Shapoorji Pallonji (SP) as the first Indian construction company to have completed a project abroad, but the Palace also became a showpiece of Indian capabilities to the world. It was hailed as a construction marvel and acknowledged so.
Over the years, he served on the boards of several companies and organizations, namely Union Bank of India, W H Brady Group of Companies, The Associated Cement Companies Ltd. of which he was also Chairman for several years, and Tata Sons Ltd.