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Pallonji Mistry, one of the two oldest billionaires in India, lost a whopping $2.8 billion in a year.
He also bagged a place among the world’s 20 richest automotive moguls.
At present, most of his fortune comes from 18.5% stake in Tata Sons, an Indian conglomerate with an annual revenue of about $100 billion.
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India’s economic slowdown has hit everything and everyone including construction tycoon Pallonji Mistry.
Pallonji Mistry, one of the two oldest billionaires in India at 90, lost a whopping $2.8 billion in a year. According to Forbes, his net worth fell from $17.8 billion in 2018 to $15 in 2019. A market crash on August 2019 cost Pallonji $281 million.
He founded the $3.6 billion Shapoorji Pallonji group in 1865
He started his construction company, Shapoorji Pallonji, in 1865 and turned it into a multibillion conglomerate with an annual revenue of $3.8 billion.
The Shapoorji Pallonji group is famous for constructing iconic buildings including Taj Intercontinental Hotel, the Reserve Bank of India building and the HSBC building. The group also constructed the Brabourne stadium in Mumbai and Jawaharlal Nehru stadium in Delhi.
The group constitute Afcons, SPCL, SP International, Sterling & Wilson, SP Real Estate and consumer goods maker Eureka Forbes. But Shapoorji Pallonji Group has only three listed companies :Forbes & Company Ltd. , Gokak Textiles and Sterling & Wilson
Now a days both his two sons run the group. His eldest son Shapoorji Pallonji is the chairman of Shapoorji Pallonji & Company. While his younger son Cyrus Mistry is the director on the board of Shapoorji Pallonji and Co, Forbes Gokak and United Motors (India) among others.
He holds the biggest stake in Tata Sons — apparently that’s locked
Net worth (2017): $14.3 billion
At present, most of his fortune comes from 18.5% stake in Tata Sons, an Indian conglomerate with an annual revenue of about $100 billion. Pallonji Mistry inherited the stake from his father names Shapoorji Mistry as a legacy
He holds the largest individual stake in Tata Sons. Shapoorji Pallonji group is associated with Tata Group since 1936 when Pallonji Mistry’s father bought 17.5% stake in Tata Sons and till date, Mistry family remains its biggest shareholder in Tata sons.
The two wealthiest families of India — Tatas and Mistrys — share a soured relationship after Cyrus Mistry was sacked from Tata Sons in 2016. Mistrys filed numerous lawsuits against the group alleging corporate governance failure.
Tata Sons recently restricted Mistry from transferring his shares to someone else. But his business is turning in a profit, regardless.