Pallonji Mistry
Encyclopedia
Pallonji Shapoorji Mistry (born 1929) is an Irish-Parsi construction tycoon
. According to Forbes
, his wealth is estimated to be US$8.8 billion as of 2011. He is the richest person of Parsi
descent followed by Adi Godrej
at US$7.3 Billion (130 on Forbes List). With his 18.5% stake in Tata Sons
, he is the single largest shareholder in India's largest private conglomerate Tata Group
. He is also the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes
Limited. He is also the former Chairman of Associated Cement Companies
. Pallonji gave up his Indian citizenship in 2003 in order to obtain Irish citizenship, because India does not yet allow dual citizenship. His son Cyrus has been named as the deputy chairman of Tata Sons and shall succeed Ratan Tata
in December 2012. A short biography of Mistry was written in a 2008 book by Manoj Namburu titled The Moguls of Real Estate.
Mistry is an extraordinarily low-profile billionaire, never giving interviews and rarely being seen out in public. He is often described as being media shy. His employees call him the man with no faults, his friends describe him as humble and within the Tata Group he is known as the Phantom of Bombay House for the quiet but assured way he commands power around the south Mumbai headquarters of the Tata empire.
In 2003, he become an Irish
citizen "on the basis of his marriage to an Irish born national", Pat (Patsy) Perin Dubash, who was born in September 1939 in Hatch Street Nursing House in Dublin. He gave up his Indian Citizenship as the Indian Government currently does not allow dual citizenship, though he remains resident in Mumbai. He owns a stake in the Taj Mahal Hotel which was attacked by terrorists in 2008. The family’s interest in Ireland is compounded by their love of horses. They own a 200 acre (0.809372 km²) stud farm in Pune
, India. It’s a lavish operation, with the drinking water for the 100 or so horses specially filtered. Mistry also owns a 10000 square feet (929 m²) home in Pune.
He has two sons - Shapoor and Cyrus Pallonji Mistry
and two daughters - Laila and Aloo. His son, Shapoor Mistry is married to Behroze Sethna the daughter of lawyer Rusi Sethna. The second son, Cyrus Pallonji Mistry
, is married to Rohika Chagla the daughter of lawyer Iqbal Chagla. His daughter, Laila, is married to Rustom Jehangir and his daughter, Aloo, is married to Noel Tata
, the half-brother of Ratan Tata
. His son-in-law, Noel Tata
, is the CEO of the retail arm of the Tata Group
. His son, Cyrus Pallonji Mistry
,has been named deputy chairman of Tata Sons
and will succeed Ratan Tata
when he retires in December 2012 as the next chairman of the $83 billion Tata Group.
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...
. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
, his wealth is estimated to be US$8.8 billion as of 2011. He is the richest person of Parsi
Parsi
Parsi or Parsee refers to a member of the larger of the two Zoroastrian communities in South Asia, the other being the Irani community....
descent followed by Adi Godrej
Adi Godrej
Adi Godrej is an Indian industrialist and philanthropist. , he is one of the richest Indians with net worth of US$7.3 billion. He is 130 on Forbes List of Billionaires. Also He is the second richest person of Parsi descent in the world after Pallonji Mistry.-Career:Godrej received his...
at US$7.3 Billion (130 on Forbes List). With his 18.5% stake in Tata Sons
Tata Sons
Tata Sons is a promoter of the key companies of the Tata Group and holds the bulk of shareholding in these companies. It was established as a trading enterprise by Group founder Jamsetji Tata in 1868...
, he is the single largest shareholder in India's largest private conglomerate Tata Group
Tata Group
Tata Group is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra, India. Tata Group is one of the largest companies in India by market capitalization and revenue. It has interests in communications and information technology, engineering, materials, services, energy,...
. He is also the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes
Eureka Forbes
Eureka Forbes, part of the Shapoorji Pallonji Group's Forbes & Company Limited based in Mumbai, is an Indian consumer appliances company. Eureka Forbes was the first to introduce domestic water purifiers - the Aquaguard - model - as well as vacuum cleaners to India in the 1980s...
Limited. He is also the former Chairman of Associated Cement Companies
Associated Cement Companies
ACC Limited is the largest producer of cement in India based in Mumbai. It's registered office is called Cement House. It is located on Maharishi Karve Road, Mumbai. The stock price of company contributes in calculating BSE Sensex.The management control of company was taken over by Swiss cement...
. Pallonji gave up his Indian citizenship in 2003 in order to obtain Irish citizenship, because India does not yet allow dual citizenship. His son Cyrus has been named as the deputy chairman of Tata Sons and shall succeed Ratan Tata
Ratan Tata
Ratan Naval Tata is the present chairman of Tata Sons and therefore, Tata Group. Also, he is one among the few in the world...
in December 2012. A short biography of Mistry was written in a 2008 book by Manoj Namburu titled The Moguls of Real Estate.
Personal life and wealth
Mistry's father first bought shares in the Tata Sons in the 1930s, a stake that currently stands at 18.4%. Mistry is the largest single shareholder in Tata Sons, a firm mostly controlled by trusts. The Mistrys have a huge 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 Bank, Grindlays Bank, Standard Chartered Bank and Reserve Bank of India building.Mistry is an extraordinarily low-profile billionaire, never giving interviews and rarely being seen out in public. He is often described as being media shy. His employees call him the man with no faults, his friends describe him as humble and within the Tata Group he is known as the Phantom of Bombay House for the quiet but assured way he commands power around the south Mumbai headquarters of the Tata empire.
In 2003, he become an Irish
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
citizen "on the basis of his marriage to an Irish born national", Pat (Patsy) Perin Dubash, who was born in September 1939 in Hatch Street Nursing House in Dublin. He gave up his Indian Citizenship as the Indian Government currently does not allow dual citizenship, though he remains resident in Mumbai. He owns a stake in the Taj Mahal Hotel which was attacked by terrorists in 2008. The family’s interest in Ireland is compounded by their love of horses. They own a 200 acre (0.809372 km²) stud farm in Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
, India. It’s a lavish operation, with the drinking water for the 100 or so horses specially filtered. Mistry also owns a 10000 square feet (929 m²) home in Pune.
He has two sons - Shapoor and Cyrus Pallonji Mistry
Cyrus Pallonji Mistry
Cyrus Pallonji Mistry is the youngest son of Irish construction magnate Pallonji Mistry. He has been appointed deputy chairman and chairman-designate of Tata Group and its holding company Tata Sons, which will make him the first non-Indian national to head the Indian conglomerate...
and two daughters - Laila and Aloo. His son, Shapoor Mistry is married to Behroze Sethna the daughter of lawyer Rusi Sethna. The second son, Cyrus Pallonji Mistry
Cyrus Pallonji Mistry
Cyrus Pallonji Mistry is the youngest son of Irish construction magnate Pallonji Mistry. He has been appointed deputy chairman and chairman-designate of Tata Group and its holding company Tata Sons, which will make him the first non-Indian national to head the Indian conglomerate...
, is married to Rohika Chagla the daughter of lawyer Iqbal Chagla. His daughter, Laila, is married to Rustom Jehangir and his daughter, Aloo, is married to Noel Tata
Noel Tata
Noel Tata an Indian businessman, who is the Chairman of Trent Ltd.Noel Tata is the son of Naval Tata and Simone Tata. He is married to Aloo Mistry, the daughter of Pallonji Mistry, who is the largest single shareholder in Tata Sons...
, the half-brother of Ratan Tata
Ratan Tata
Ratan Naval Tata is the present chairman of Tata Sons and therefore, Tata Group. Also, he is one among the few in the world...
. His son-in-law, Noel Tata
Noel Tata
Noel Tata an Indian businessman, who is the Chairman of Trent Ltd.Noel Tata is the son of Naval Tata and Simone Tata. He is married to Aloo Mistry, the daughter of Pallonji Mistry, who is the largest single shareholder in Tata Sons...
, is the CEO of the retail arm of the Tata Group
Tata Group
Tata Group is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra, India. Tata Group is one of the largest companies in India by market capitalization and revenue. It has interests in communications and information technology, engineering, materials, services, energy,...
. His son, Cyrus Pallonji Mistry
Cyrus Pallonji Mistry
Cyrus Pallonji Mistry is the youngest son of Irish construction magnate Pallonji Mistry. He has been appointed deputy chairman and chairman-designate of Tata Group and its holding company Tata Sons, which will make him the first non-Indian national to head the Indian conglomerate...
,has been named deputy chairman of Tata Sons
Tata Sons
Tata Sons is a promoter of the key companies of the Tata Group and holds the bulk of shareholding in these companies. It was established as a trading enterprise by Group founder Jamsetji Tata in 1868...
and will succeed Ratan Tata
Ratan Tata
Ratan Naval Tata is the present chairman of Tata Sons and therefore, Tata Group. Also, he is one among the few in the world...
when he retires in December 2012 as the next chairman of the $83 billion Tata Group.