At the age of 93, the billionaire industrialist Pallonji Mistry and the chairman of Shapoorji Pallonji group passed away at his south Mumbai residence on Monday.
According to the reports, the incident took place in the middle of the night at his own residence.
Mistry is one of the largest individual shareholders in the Tata Group with a 18.4 percent holding in the conglomerate. He has a net worth of $29 billion, according to the Bloomberg Billionaires Index, which makes him one of the richest persons of India.
Mistry was born in a Parsi family from Gujarat, and they own a substantial construction company, Shapoorji Pallonji.
Shapoorji, the group patriarch and Pallonji’s father, built some of Mumbai’s landmarks around the Fort area – the Hong Kong & Shanghai Bank, the Grindlays Bank, the Standard Chartered Bank, the State Bank of India and the Reserve Bank of India buildings.
Mistry received Padma Bhushan in 2016, which is the country’s third highest civilian award, for his contribution as an industrialist. He was one of the oldest billionaires India has seen.
He is the former chairman of Associated Cement Companies, however his son Cyrus, was chairman of Tata Sons from November 2011 to October 2016. Within the Tata Group he is known as the Phantom of Bombay House.