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#74 Pallonji Mistry $16.0B

Random fact: Zoroastrian ancestors fled Persia to India to escape persecution.

Overview

Mistry and his family own 18.5 percent 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 Oct. 17, 2017:
Last change +$158M (+1.0%)
YTD change +$2.26B (+16.5%)
Industry Industrial
Biggest asset TCS IN Equity
Citizenship India
Age 88
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Pallonji Mistry's net worth of $16.0B 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:

The majority of Mistry's fortune is derived from an 18.5 percent stake in Mumbai-based Tata Sons, the holding company that controls Indian industrial conglomerate Tata Group. 

Tata Group owns stakes in more than a dozen publicly traded companies, according to filings to the Bombay Stock Exchange, including Tata Motors, Tata Steel, Tata Communications, Tata Elxsi, Tata Power, Tata Global Beverage, Tata Chemicals, Tata Teleservice, Tata Investment, Indian Hotels, Voltas and Trent. The shares held by his sons are credited to him because he's the family patriarch and chairman of Shapoorji Pallonji Group, their closely held construction company. 

The Tata group of companies operates in more than 100 countries, employs about 700,000 people, and had revenue of $100.4 billion in the year to March 31, 2017, according to its website.

Mumbai-based Shapoorji Pallonji Group has annual revenue of around $4 billion in 2016, according to a Business Standard article citing a company's spokesperson. The valuation for Shapoorji Pallonji Group uses revenue of $3.4 billion because the revenues of Forbes & Co and Gokak Textiles are excluded to avoid double counting these assets. The valuation's 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.

The value of his cash holdings is based on a historical analysis of dividends, 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: Bachelor's Degree, 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 partners built automobile factories and steel mills for the Tata family. The elder Mistry acquired shares in the Tata Group in 1930, a stake of 12.5 percent at the time, a year 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.