TCS puts reclusive Pallonji in spotlight

There’s more. With an 18 per cent stake in Tata Sons, the Mistrys are worth Rs 6,880 crore if one takes TCS’ debut market capitalisation into account. Of course, this wealth is only notional and will fluctuate.

Born on June 1, 1929, Pallonji S Mistry — with an estimated net worth of about $2.3 billion — is a reclusive construction baron who last addressed a news conference when he became chairman of Associated Cement Company in 1997 after noted jurist late Nani Palkiwala retired.

Even in his first news conference after taking over as ACC Chairman, Mistry was visibly uncomfortable and requested journalists not to write about him. In fact, as soon as the Tatas exited from ACC by selling their stake to Gujarat Ambuja, Pallonji quit as chairman and went back to nursing his construction business.

It all began in 1970, when he built the palace for the Sultan of Oman. Since then, Mistry built some of Mumbai’s landmark buildings, including the towering RBI and SBI. The highly religious Mistry is also chairman of listed textile-to-engineering major Rs 436-crore Forbes Gokak Ltd.

The Mistrys are certainly business savvy as Forbes Gokak — which is struggling with its textile division — is now diversifying into the business process outsourcing (BPO) to cash in on the ongoing IT boom.

Mistry’s two sons, Shapoor (39) and Cyrus (34) have been already inducted into the boards of various Pallonji group companies and Pallonji is the family’s representative in Tata Sons as a director.