Low-profile billionaire philanthropist Pallonji Mistry passes away at 93

The chairman of the Shapoorji Pallonji Group, Mistry always kept a low profile and was often known as the "phantom of Bombay House" for his indirect influence over the Tata Group affairs

Billionaire philanthropist Pallonji Mistry died early today morning at his home. He was 93.

He passed away peacefully and is survived by his wife Patsy, daughters Laila Rustom Jehangir, Aloo Noel Tata, sons Shapoor Mistry and Cyrus Mistry.

Mistry, whose family has owned a sprawling construction business for over 150 years--the Shapoorji Pallonji Group and 18.4 per cent stake in Tata Sons, is survived by his sons Shapoor and Cyrus and a daughter, Aloo. Mistry was ailing for a long time, group officials said.

Mistry always kept a low profile and was often known as the "phantom of Bombay House" for his indirect influence over the Tata Group affairs. Bombay House is the headquarters of the Tata group. Pallonji's daughter Aloo is married to Noel Tata, half-brother of Ratan Tata.

Mistry was briefly the chairman of ACC, the then Tata group company, in the 1990s and quit soon after the Tata group exited the business. Mistry was a director on the Tata Sons board till 2004.

Group officials describe Mistry, an Irish citizen, as a down-to-earth person who rarely attended social parties.

Pallonji and the Tata group patriarch, Ratan Tata, had a cordial relationship, with Pallonji supporting Ratan Tata in all his decisions, including buying several companies overseas and exiting a few businesses.

Mistry had also divided his shares in Tata Sons and his business equally between his sons a few years ago.

His younger son, Cyrus, was made the chairman of Tata Sons in 2012. The board later removed Cyrus as chairman after having a falling out with Ratan Tata.

A large part of the Mistry family's wealth is attributed to their stake in Tata Sons, the holding company of the Tata group. The sharp rise in Tata group shares has increased Mistry's wealth by several billion dollars in the last five years.

The Shapoorji Pallonji group companies built some of Mumbai's landmark buildings, including the Hong Kong Bank, Grindlays Bank, Standard Chartered Bank and Reserve Bank of India. The group companies also built the Famous Studios at Mahalaxmi.

But the group operated from Colaba in South Mumbai from a nondescript single-story building -- in keeping with the family's tradition to stay away from the limelight.

Interestingly, the biggest blockbuster of its time in Hindi cinema, Mughal-e-Azam (1960), was produced by Pallonji's father and was re-released by the family after it was digitally coloured in 2004. The family did not invest in the movie business after that.

Born in 1929, Mistry did his schooling and college education in Mumbai and joined his family business, Shapoorji Pallonji & Company Ltd, in 1947 when he was just 18 years old, under the watchful eyes of his father, Shapoorji 

Pallonji Mistry.

He learned the ropes of the business quickly, and witnessed many ups and downs as Indian businesses evolved over the years. He took over the reins of the company in 1975, when his father passed away. 

Unlike his father, who focused largely on construction and had grown the business manifold over the several decades he was in charge, Pallonji was an astute businessman, quick to spot new opportunities that India’s industrialisation and growing economy presented. 

In the late 1960s, Pallonji had the foresight and determination to venture abroad. Construction in the Middle East, fuelled by petrodollars, was booming and under Pallonji’s leadership, the company bid for and won a tender to build the Palace of Sultan Qaboos bin Said al Said in Muscat. 

When 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. 

The Muscat Palace became the gateway of trust and opportunity for other Indian companies to venture abroad, as well as for the Government of India to take stock of the nation’s potential and policies. 

This also provided a launching pad for SP to consolidate its presence in the Middle East and enter Africa, where it has executed several landmark projects such as the Presidential Office of Ghana, the National Assembly of Gambia, and the Ebene IT Park in Mauritius. All these projects have won recognition and accolades internationally and provided employment and exposure to Indian labour and engineers.

Under Pallonji’s Chairmanship, the company grew substantially in the later decades of the last century. He also acquired strategic stakes in other companies, such as Sterling & Wilson, United Motors, Forbes Gokak and Afcons Infrastructure, and brought them within the fold of the SP Group.

Over the years, he served on the boards of several organisations, including 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.

Outside of the charitable trusts, Pallonji Mistry's holding of 18.4 per cent made him the single largest shareholder in Tata Sons, the holding company of the Tata Group.

In early 2012, Pallonji stepped down as Chairman of Shapoorji Pallonji & Company Pvt Ltd, the operating and holding company of the SP Group, and handed over the chairmanship to his elder son Shapoor Mistry.

In recognition of Pallonji’s enormous contributions to Indian industry and nation building over six decades, he was awarded the Padma Bhushan by the President of India in 2016.

In 2006, along with his wife Patsy, Pallonji funded and set up a home for senior citizens at the B D Petit Parsee General Hospital, Mumbai.

His personal philanthropy, always private and without fanfare, has been significant over the decades. In addition, the SP Group of companies actively supports CSR projects across India in the areas of education, skills development, nutrition, water, healthcare, social inclusion and environment preservation.

Now with 70,000 employees worwkdwide, the Shapoorji Pallonji Group, established in 1865, celebrated 150 years of its foundation in 2015.

Mistry's funeral will be held tomorrow in Mumbai at 11 a.m.