Tata-Pallonji ties date back to 1930 - Hindustan Times
close_game
close_game

Tata-Pallonji ties date back to 1930

Hindustan Times | By, New Delhi
Nov 24, 2011 12:36 AM IST

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.

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.

HT Image
HT Image

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

Hindustan Times - your fastest source for breaking news! Read now.

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’.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On