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# 48 Pallonji Mistry $21.0B

Random fact: Helped build Taj Mahal Palace & Towers attacked by terrorists in 2008.

Overview

Mistry and his family are shareholders of Tata Sons, the main holding company behind more than 100 affiliates with about $100 billion in annual revenue. The Mumbai-based group employs about 700,000 people in over 100 countries. His construction firm, Shapoorji Pallonji Group, operates in South Asia, the Middle East and Africa.

As of :
Last change -$39.4M ( -0.2%)
YTD change +$336M ( +1.6%)
Industry Industrial
Biggest asset TCS IN Equity
Citizenship Ireland
Age 90
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Pallonji Mistry's net worth of $21.0B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Mistry's fortune is derived from closely held Tata Sons, a Mumbai-based holding company that controls more than a dozen publicly traded companies in India.

Mistry controls 18.37% of Tata Sons through Shapoorji Mistry Group, according to a recent court filing dated July 12, 2018. The entire fortune is attributed to him to reflect his position as family patriarch and chairman of Shapoorji Pallonji Group, a construction conglomerate founded by his father.

The companies are known collectively as the Tata Group, which has operations in more than 100 countries, employs almost 700,000 people, and has annual revenue of about $100 billion, according to its website. Tata Sons's stakes in each publicly traded asset are detailed in their asset notes.

Closely held Shapoorji Pallonji had revenue of around $5.6 billion in the year ended March 2018, according to a person familiar with the matter who asked not to be named because the matter is private. The business controls publicly traded Forbes & Co, which is included in the net worth summary separately. Shapoorji Pallonji is valued by subtracting Forbes & Co revenue from the $5.6 billion, and based on the average enterprise value-to-Ebitda and price-to-earnings multiples of three publicly traded peer companies: Larsen & Toubro, Simplex Infrastructures and Hindustan Construction.

Mistry has collected more than 129 billion rupees ($1.8 billion) in dividends through December 2018, according to company filings and an analysis of Bloomberg data. The value of the cash investments is based on these proceeds, as well as insider transactions, taxes and market performance.

Gautam Ramchandani, a Mumbai-based spokesman at Shapoorji Pallonji Group, declined to comment on the billionaire's net worth.

Biography

Birthdate: 6/1/1929
Family: Married, 4 children
Education: Regent's University London

The Mistry family business was founded in India in 1865, when Pallonji Mistry's grandfather started a construction business with an Englishman. The initial project was Mumbai's first reservoir near Malabar Hill. The elder Mistry has been doing business with the Tata Group since the 1920s, before Pallonji was born. Both the Tata and Mistry families are Zoroastrians whose ancestors fled Persia to India to escape religious persecution.

The business expanded by undertaking big construction projects that included such Mumbai landmarks as the Reserve Bank of India, The Taj Mahal Palace and Towers, and the Oberoi Hotel. Mistry started working for his father at age 18. He led the company's expansion into the Middle East, including Abu Dhabi, Qatar and Dubai, in 1970. The firm cemented its reputation in the region by constructing the palace complex for the Sultan of Oman.

His father added to his ownership in Tata Sons by buying stakes from Tata family members over the years, a spree that enabled Mistry to become the largest individual shareholder with a stake currently exceeding 18 percent. During the same time span, the Tata family business portfolio expanded to more than 100 companies, including well-known brand names such as Jaguar, Land Rover, Tetley Tea and Corus Steel.

In Indian newspaper reports, Mistry is often called the Phantom of Bombay House, in reference to Tata's corporate headquarters in Mumbai, his stature as its largest shareholder and his quiet demeanor. An example of his influence occurred in 2011, when Mistry's son, Cyrus, was named to succeed Tata Group Chairman Ratan Tata, the first time in 74 years that a non-Tata would lead the conglomerate. Mistry named his oldest son, Shapoor, chairman of Shapoorji Pallonji Group in June 2012. Cyrus was abruptly ousted from his role in October 2016 in a rare display of discord atop India's biggest group.

Milestones
  • 1947 Joins family construction business at age 18.
  • 1970 Shapoorji Pallonji starts working on projects in the Middle East.
  • 1972 Completes the Al Alam Palace for the Sultan of Oman.
  • 2003 Marries Patsy Perin Dubash and becomes an Irish citizen.
  • 2008 Taj Mahal Palace & Towers, Oberoi Hotel attacked by terrorists.
  • 2010 Shapoorji Pallonji Group builds 60-story skyscraper, The Imperial.
  • 2011 Son, Cyrus, picked to become chairman of Tata Group.
  • 2012 Names oldest son, Shapoor, to run the construction company.
  • 2013 Tata Consultancy becomes 2013 best performer on India's benchmark index.
  • 2014 Cyrus Mistry plans to spend more than $8 billion on roads, airport, housing.