Tata-Pallonji ties date back to 1930 | business | Hindustan Times
Today in New Delhi, India
Sep 25, 2017-Monday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Tata-Pallonji ties date back to 1930

The association began in 1930s when the grandfather of Cyrus Mistry — who will take over as the chairman of Tata Sons in December, bought stakes in the Tata Group that now makes it the single largest shareholder with a 18.5% stake in the salt-to-software conglomerate.

business Updated: Nov 24, 2011 00:36 IST
HT Correspondent

Shapoorji Pallonji Group shares more than 80-year association with the Tata Group. The association began in 1930s when the grandfather of Cyrus Mistry — who will take over as the chairman of Tata Sons in December, bought stakes in the Tata Group that now makes it the single largest shareholder with a 18.5% stake in the salt-to-software conglomerate.

Pallonji Mistry’s father and Cyrus’ grandfather Shapoorji bought out solicitor FE Dinshaw’s estate which was equal to 12.5% of Tata Sons.

Shapoorji later increased its stake to 18.5% in the Tata Group.

Corporate historians say the construction magnate was always considered an outsider and his family's relations with the Tatas eased only when Noel Tata, Ratan Tata’s half-brother, married Pallonji's daughter, Aloo.

Today Pallonji Mistry is the fifth-richest Indian. He is also referred as the “Phantom of Bombay House,” for his extremely quiet nature and manner of functioning at the Tata Sons headquarters in Mumbai.

According to Forbes, the reclusive billionaire has an estimated wealth of $7.6 billion (R398.2 crore). He retired from the board of Tata Sons in 2006, paving the way for his younger son to step in as a director of the group.

Shapoorji Pallonji Group traces its origins back to 147 years ago, when, as Littlewood Pallonji & Co, the firm which built a giant water reservoir on Malabar hills to serve the needs of the residents of Bombay (now Mumbai).

Over the time, it has grown to become the ‘Shapoorji Pallonji Group of Companies’, with multi-billion dollar revenues firm.

Shapoorji Pallonji has contributed in building numerous iconic buildings and structures that dot the architectural landscape of India.

In 1970, Shapoorji Pallonji became the first Indian construction company to venture into the West Asia, when it was chosen to build the ‘Royal Palace for the Sultan of Oman’.