New Delhi: Billionaire industrialist and Shapoorji Pallonji Group chairman Pallonji Mistry passed away at the age of 93. More than 150 years old, the Shapoorji Pallonji Group is one of the largest business firms in India and the reclusive billionaire – Pallonji Mistry – was credited for its success.
Shapoorji Pallonji Group has presence in the engineering, construction, infrastructure, real estate, water energy and finance services sectors. More than 50 thousand employees work for this group in different companies. Apart from India, Shapoorji Pallonji Group’s business is spread from other countries of Asia to Africa. In 2016, he had received the Padma Bhushan, the country’s third highest civilian award, for his contribution as an industrialist. He was one of India’s oldest billionaires.
Pallonji Mistry married an Irish woman and later acquired Irish citizenship. The Pallonji family own 18.4% stake in Tata Sons, the holding company of the Tata group. 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.