Pallonji Mistry, A Low-Profile Millionaire Philanthropist Passes Away At 93

Pallonji Mistry, a billionaire philanthropist, passed away this morning at his residence. He was 93. He died peacefully, leaving behind his wife Patsy, daughters Laila Rustom Jehangir and Aloo Noel Tata, sons Shapoor Mistry and Cyrus Mistry, and grandchildren.

Shapoor, Cyrus, & Aloo Mistry, whose clan has held a sizable contracting company for more than 150 years—the Shapoorji Pallonji Group—as well as an 18.4% share in Tata Sons, are Mistry’s heirs. According to group authorities, Mistry had been ill for a while.

As a result of his indirect impacts on Tata Group activities, Mistry always maintained a low profile and was frequently referred to as the “phantom of Bombay House.” The Tata group’s main office is located in Bombay House.

Pallonji Mistry: Other Designation

In the 1990s, Mistry served as chairman of ACC for a brief period before leaving the company shortly after that the Tata group left the industry. Till 2004, Mistry served as the director on the board of Tata Sons. Mistry, an Irish citizen, is described by group leaders as a straightforward individual who hated going to social gatherings.

Ratan Tata, the paterfamilias of the Tata organization, and Pallonji had a friendly relationship. Pallonji backed Ratan Tata in all of his choices, such as the acquisition of thousands of companies abroad and the sale of several businesses. A few decades previously, Mistry also evenly divided his sons’ stakes in his company and Tata Sons.

In 2012, Cyrus, his younger son, was appointed chairman of Tata Sons. After Cyrus and Ratan Tata had a falling out, the council later fired Cyrus from his position as chairman.

Pallonji Mistry: Family Ownership

The Mistry family‘s ownership of a significant portion of Tata Sons, the Tata group’s holdings limited, is a major contributor to their fortune. Mistry’s wealth has soared by several billion U.S. dollars over the previous 5 years as a result of the strong growth in Tata Group stock.

It’s significant to observe that Pallonji’s father created the largest Hindi film blockbuster of its era, Mughal-e-Azam (1960), which the family originally released after it was electronically colored in 2004. After that, the household stopped making investments in the film industry.