Is Shapoorji Richer than Ratan Tata?

Is Pallonji Shapoorji Mistry Richer than Ratan Tata?

Well, Yes. On Paper, Pallonji Shapoorji Mistry is richer than Ratan Tata, The Chairman of TATA Group. Many of you may not even heard about the name Pallonji Mistry. But let me tell you that he is the largest shareholder of TATA Sons, The key holding Company of TATA Group.

Pallonji owns 18% stake of TATA Sons which he recently divided among his 2 sons – 9% each.

Ratan TATA himself owns less than 1% of TATA Sons. Mr.Cyrus Mistry, the son of Pallonji Mistry has recently joined TATA Sons board (2006).

He is also the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes & Company Ltd. and Eureka Forbes Limited. He is also the former Chairman of Associated Cement Companies. In 2007, Forbes estimated his total fortune to be worth US$ 5.9 billion. Pallonji gave up his Indian citizenship in 2007 to adopt Irish citizenship, making him the second richest Irish national in the world, behind Sean Quinn.

In spite of being one of the richest Indians and Chairman of the Shapoorji Pallonji Group, Pallonji Mistry is a man who rarely appears in public and is often described as being media shy. His employees call him the man with no faults, his friends describe him as humble and within the Tata Group he is known as the Phantom of Bombay House.