Shapoorji Pallonji group suffers 2nd personal loss this year with Cyrus Mistry's death

The Shapoorji Pallonji group suffered its second personal loss this year with Cyrus Mistry's death on Sunday. Cyrus's death closely follows the death of his father and the group patriarch, Pallonji Mistry, in late June.

For the 157-year-old multi-billion dollar Shapoorji Pallonji Group, the death of its youngest scion Cyrus Mistry in a tragic road accident, is a double-loss as his untimely passing away comes on the heels of the group patriarch's demise late June.

The nearly USD 30-billion diversified group, which owns 18.6 per cent in the USD 130-billion Tata Group, was founded by the late senior Pallonji Mistry (great grandfather of Cyrus) in 1865 as Littlewood Pallonji & Co.

Cyrus' father Pallonji Mistry, who died on June 28, 2022, at the age of 93, is dubbed as 'the Phantom of Bombay House'. According to the Bloomberg billionaires index, the SP Group has a networth of about USD 30 billion in 2022.

The Mistry's epic showdown after Cyrus Mistry was thrown out of the group as the chairman in a board coup in October 2016, with the Tata Group sparked the biggest corporate feud in the history of India Inc.

ALSO READ | Cyrus Mistry, former Tata Group chairman, dies in road accident in Maharashtra

Under Cyrus' watch, the Tata Group (top-20 listed group companies) grew by CAGR of 12.5 per cent, while their debt has increased at a slower pace of 9.98 per cent from Rs 1.89 lakh crore to Rs 2.29 lakh crore.

But during this period, the net profit zoomed at a CAGR of 42.3 per cent, indicating much more efficient operations under his tenure and he left the group with an overall turnover of over USD 100 billion which also nearly doubled under his watch.