Billionaire industrialist and chairman of the Shapoorji Pallonji group, Pallonji Mistry, who died on Tuesday in Mumbai at 93, was nicknamed the “Phantom of Bombay Home”. His presence was felt within the Tata Group’s head-offices despite the fact that he was not often heard or seen — the household holds a 18.4 per cent stake in Tata Sons, the holding firm of the Tata group. Pallonji took over the reins of the SP group in 1975 after his father’s passing and shepherded the group’s foray into West Asia, showcasing its skills by constructing the Sultan’s palace in Muscat. This additionally served as a launchpad for the group’s profitable operations within the wider area.
The SP group, based in 1865, operates throughout a number of verticals however it’s broadly identified for having constructed a few of Mumbai’s most iconic landmarks, amongst that are the headquarters of the Reserve Financial institution of India, the buildings of the Hong Kong and Shanghai Financial institution and the Commonplace Chartered Financial institution, and the Taj Mahal Palace resort. The household which has tended to keep away from the highlight — by the way, it produced Mughal-e-Azam, one of many greatest blockbusters in Hindi cinema — was thrust into the general public eye following the high-profile conflict between Pallonji’s son Cyrus Mistry and Ratan Tata. Cyrus had been appointed as chairman of Tata Sons in 2012. However after a falling out with Tata, he was compelled out of the group in 2016 in some of the high-profile company battles in latest occasions. In Might this 12 months, the Supreme Courtroom dismissed the SP Group’s petition that sought a overview of the decision that upheld the removing of Cyrus Mistry as head of Tata Sons.
Regardless of his immense wealth and affect, Pallonji was an intensely non-public man who stored a low profile. His demise comes at a time when the group has been making an attempt to agency up its monetary place by paring down its debt burden.