Construction industry pioneer and billionaire Pallonji Mistry passed away at age 93
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| Pioneer and billionaire |
The 93-year-old Indian-born billionaire industrialist, Pallonji Mistry, oversaw the 156-year-old Shapoorji Pallonji firm, which constructed iconic structures, including the Reserve Bank of India building in Mumbai and the Sultan of Oman's palace.
Up until 2012, when he gave the reins to his older son, Shapoor Mistry, Mistry served as the chairman of the SP Group, a conglomerate with holdings in everything from real estate and construction to energy. More than 70,000 people work for the organization.
The majority of Mistry's $15 billion fortune came from being the single largest shareholder in Tata Sons, the holding company for the Tata group, with an 18.4% stake. Mistry was a member of the Parsi community. With 30 companies, the vast conglomerate generated $128 billion in sales in the fiscal year that ended in March 2022.
At the age of 18, Mistry joined his family's construction company in 1947, beginning a 65-year career in business. After his father passed away in 1975, Mistry assumed leadership of the business.
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