Billionaire Pallonji Mistry, chairman of the Vividh Shapoorji Pallonji (SP) Group, passed away in the early hours of Tuesday in Mumbai, company officials said.
Mr. Mistry, whose SP group is the largest shareholder in the Tata group, was 93, with an 18.37% stake in the over $100 billion conglomerate.
The India-born Mistry passed away in his mid-sleep at 1.00 a.m. at his family residence in south Mumbai, he said. He acquired Irish citizenship.
Paying tribute to him, Prime Minister Narendra Modi tweeted that he was saddened by the billionaire’s demise.
PM Modi said, “He has made a significant contribution to the world of commerce and industry.”
Born in 1929, Mr. Mistry led the privately held, over $5 billion SP Group, which had its roots in the construction business, which had diversified into other businesses such as real estate, textiles, shipping and home appliances.
Padma Bhushan Awardee
The reclusive business icon, who was reportedly worth over $29 billion, was awarded the Padma Bhushan, India’s third highest civilian award, in 2016.
There are four children in his family, including Cyrus Mistrywho replaced Ratan Tata as the chairman of the Tata group before being ousted by the board in 2016.
Over the years, it has been tough for the SP Group from a financial point of view and also faced difficulties in raising funds by pledging the Tata Group’s shares.
Mistry is challenging the removal of Cyrus and has offered to exit his stake in the Tata group, in the process of legal tussles.
Amid financial difficulties, the SP Group sold a majority stake in home appliances major Eureka Forbes to private equity major Advent to raise ₹4,400 crore.
RBI Bhawan built in Mumbai
The SP Group was founded in 1865, and has built significant buildings in the financial capital over its 150 years of existence, including the Reserve Bank of India and HSBC.
Union Cabinet Minister Smriti Irani described Mistry’s death as the end of an era. “One of life’s greatest joys was to see his talent, his gentleness at work,” she said.
Other ministers including Nitin Gadkari, Mansukh Mandaviya, Hardeep Singh Puri and Karnataka Chief Minister BS Bommai also expressed their condolences.
A funeral service will be held on Wednesday morning, followed by a ‘Uthmana’ ceremony as per Parsi traditions at the Tower of Silence in south Mumbai’s Kemps Corner, officials said.