Ireland’s richest person, Pallonji Mistry, has died in India at the age of 93.
The construction magnate became an Irish citizen in 2003 through his Irish-born wife, Patsy Perin Dubash, who was born in Dublin in 1939. Both Mr Mistry and his wife were from the Zoroastrian faith, which originated in modern-day Iran.
His wealth has been estimated by Forbes at $15 billion (€14.27 billion) making him the richest Irish citizen and the 125th richest man in the world.
Bloomberg Billionaires Index rates his accumulated worth of almost twice that figure at $29bn (€27.4 billion) making him one of the richest men in India and in Europe.
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The couple’s sons Cyrus and Shapoor, who are involved in the family business, are also Irish citizens.
Mr Mistry was born in India in 1929 to a wealthy family. His grandfather established the Shapoorji Pallonji group in 1865 in then-Bombay (now Mumbai).
He joined the family’s construction firm at the age of 18 in 1947. As chairman of the Shapoorji Pallonji Group, he expanded its reach internationally with engineering and construction, infrastructure, real estate, water energy and financial services arms.
Mr Mistry led the company’s expansion into Abu Dhabi, Qatar and Dubai, and the group now employs more than 50,000 people in more than 50 countries.
In 2014, Cricket Ireland announced a 10-year multi-million euro sponsorship deal with the Shapoorji Pallonji Group.
Mr Mistry’s huge wealth included an 18.4 per cent share in the Indian multinational conglomerate Tata Sons, making him the biggest private shareholder in the company. It has a turnover of more than $103 billion.
He was known as the “phantom of Bombay House” for his low profile. He has eschewed the media from the beginning as does his family.
However, the family were embroiled in a high-profile dispute in 2016 when Cyrus Mistry was ousted as the chairman of the Tata Group in 2016. Cyrus Mistry refused to go quietly, and the dispute led to a six-year court battle in India that upheld the decision by the board to sack him.
Indian prime minister Narinder Modi paid tribute to Mr Mistry via Twitter: “Saddened by the passing away of Shri Pallonji Mistry. He made monumental contributions to the world of commerce and industry. My condolences to his family, friends and countless well-wishers. May his soul rest in peace.”
