Tag Archives: Ratan Tata

Meet new ‘Phantom of Bombay House’: NRI but holds 18.4% Stake in Tata Sons

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Shapoor Mistry, chairman of the Shapoorji Pallonji Group, leads one of India’s most powerful business dynasties, managing a significant stake in Tata Sons while steering his family’s company through a critical period of transformation. The Mistry family holds an 18.4% stake in Tata Sons, valued at approximately ₹1.52 lakh crore ($130 billion), making them key players in one of India’s largest conglomerates. Yet, despite their deep connections to India, Shapoor Mistry himself is not Indian by nationality—he holds Irish citizenship.

Founded 159 years ago, the Shapoorji Pallonji Group has been a major force in engineering, construction, and infrastructure development. Shapoor Mistry, born in 1964, is the eldest son of Pallonji Mistry, the family patriarch who passed away in 2022, and Patsy Perin Dubash. He has two sisters and a brother, Cyrus Mistry, whose untimely death in a car accident in September 2022 shocked the business world. Shapoor now stands at the helm of a company that generates around $30 billion in annual revenue, managing a sprawling portfolio of businesses.

However, the Mistry family’s wealth is deeply intertwined with their stake in Tata Sons. Pallonji Mistry, Shapoor’s father, earned the nickname “Phantom of Bombay House” due to his quiet yet influential presence at Tata Group’s headquarters. Their relationship with Tata Group peaked in 2012 when Shapoor’s younger brother, Cyrus, was appointed chairman of Tata Sons. However, a highly publicized and contentious boardroom battle led to Cyrus’s ousting in 2016, resulting in one of India’s most dramatic corporate conflicts. This feud between the Mistry family and Tata Trusts led to a prolonged legal battle, putting the spotlight on their close ties with Tata Sons.

The Quiet Billionaire

For Shapoor Mistry, the year 2022 was particularly challenging. In June, his father passed away, marking the end of an era. Just three months later, his brother Cyrus died in a car crash, a personal and professional blow to the family. Together, Shapoor and Cyrus had been working on restructuring the Shapoorji Pallonji Group, which had been facing financial pressure due to high levels of debt. Their plan included selling off non-core assets to stabilize the company’s finances, a strategy that Shapoor continues to implement in the wake of these tragic losses.

In an effort to ensure the group’s long-term resilience, Shapoor has led a reorganization of the company, dividing it into two main entities—S.P. Finance and S.C. Finance—focused on real estate and infrastructure, respectively. This move is aimed at improving cash flow management, particularly in industries where large-scale projects often take years to generate returns. Shapoor’s leadership is now more critical than ever as he navigates both emotional and operational complexities.

But Shapoor Mistry is keen on ensuring that the next generation of the Mistry family continues the legacy. shapoor has already involved his son and his late brother’s sons, Firoz and Zahan Mistry, in key roles within the company. This generational handover is intended to preserve the family’s influence in both Shapoorji Pallonji Group and Tata Sons, as well as to secure the company’s future amidst ongoing challenges in the business landscape.

 

Ratan Tata’s Demise: ‘Extremely Pained’, says Modi; Condolences Pour In

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Prime Minister Narendra Modi expressed profound sorrow on Thursday following the demise of Ratan Tata, Chairman Emeritus of Tata Sons, who passed away at Mumbai’s Breach Candy Hospital due to age-related health issues.

Sharing his condolences on X (formerly Twitter), the Prime Minister wrote, “My mind is filled with countless interactions with Shri Ratan Tata Ji. During my tenure as Gujarat CM, we would meet frequently, discussing various issues. His insights were always deeply enriching. These meaningful interactions continued when I moved to Delhi. I am extremely pained by his passing. My thoughts are with his family, friends, and admirers during this difficult time. Om Shanti.”

Congress leader and LoP Rahul Gandhi tweeted:”Ratan Tata was a man with a vision. He has left a lasting mark on both business and philanthropy. My condolences to his family and the Tata community.”

Defence Minister Rajnath Singh also mourned Tata’s death, acknowledging his significant contributions to India’s economy. “Saddened by the passing away of Shri Ratan Tata. He was a Titan of Indian industry, renowned for his monumental impact on our economy, trade, and industry. My deepest condolences to his family, friends, and admirers. May his soul rest in peace,” Singh wrote on X.

Ratan Tata’s hospitalization on Monday had sparked widespread concern, with speculation circulating about his health. Although he had issued a statement assuring that it was a routine check-up for age-related issues, his condition reportedly worsened, leading to him being placed on life support.

Tata Sons Chairman N. Chandrasekaran also paid tribute, saying, “It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation. To me, he was more than just a chairperson—he was a mentor, guide, and friend. His unwavering commitment to excellence, integrity, and innovation ensured the Tata Group’s global expansion, while always remaining grounded in strong ethical values.”

Breaking: Indian Business Titan Ratan Tata Passes Away at 86

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Ratan Naval Tata, the iconic Chairman Emeritus of Tata Sons and a towering figure in Indian business, has passed away at the age of 86. Tata died earlier today at Mumbai’s Breach Candy Hospital after battling age-related health issues.

Tata’s hospitalization on Monday had prompted widespread speculation about his health. Although he issued a statement downplaying the severity, his condition reportedly worsened, leading to his being placed on life support.

Ratan Tata passed away aged 86

Ratan Naval Tata, one of India’s most iconic industrialists and former chairman of Tata Sons, has passed away at the age of 86. Tata, who led the Tata Group from 1990 to 2012, died on October 9, 2024. He was also the interim chairman from October 2016 to February 2017 and continued to oversee Tata’s charitable trusts until his death.

A recipient of India’s highest civilian honors, Tata was awarded the Padma Bhushan in 2000 and the Padma Vibhushan in 2008 for his immense contributions to business and philanthropy.

Tata was born on December 28, 1938, to Naval Tata, who was adopted by Ratanji Tata, son of Jamsetji Tata, the founder of the Tata Group. After earning a degree in architecture from Cornell University, Tata joined Tata Steel in 1961, working on the shop floor. He went on to succeed J.R.D. Tata as chairman of Tata Sons in 1991.

During his leadership, the Tata Group expanded internationally with key acquisitions, including Tetley, Jaguar Land Rover, and Corus, transforming Tata into a global conglomerate. Tata was also one of the world’s largest philanthropists, donating around 60-65% of his income to charitable causes.

In addition to his business acumen, Tata was a significant investor, backing over 30 startups, both personally and through his investment firm.

Ratan Tata’s legacy of business innovation, global expansion, and philanthropy will continue to shape India’s corporate landscape for generations to come.

N. Chandrasekaran, Chairman of Tata Sons, expressed deep sorrow, calling Tata an “uncommon leader” whose vision shaped both the Tata Group and India itself. “His legacy of excellence, integrity, and philanthropy will continue to guide us,” Chandrasekaran said.

Ratan Tata’s remarkable career spanned over five decades, during which he led Tata Sons from 1991 until his retirement in 2012. Under his leadership, the group expanded globally, with revenues surpassing $100 billion in 2011-12.

In addition to his business achievements, Tata was known for his deep commitment to philanthropy, transforming Tata Trusts into one of India’s leading charitable organizations.

Ratan Tata was awarded the Padma Vibhushan, India’s second-highest civilian honor, in 2008. He is survived by several family members.

This marks the end of an era for India’s corporate world.

Sudha Murthy nominated to Board of Trustees of PM CARES Fund

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Prime Minister Narendra Modi chaired a meeting of the Board of Trustees of the PM CARES Fund on Tuesday in which new member Sudha Murthy from Bengaluru was appointed recently.

A presentation was made on the various initiatives undertaken with the help of PM CARES Fund, including the PM CARES for Children scheme which is supporting 4345 children. Trustees appreciated the role played by the fund at a crucial time for the country. PM Shri Narendra Modi appreciated the people of the country for contributing wholeheartedly to PM CARES Fund.

It was discussed that PM CARES has a larger vision on effectively responding to emergency and distress situations, not only through relief assistance, but also taking mitigation measures and capacity building.

Prime Minister welcomed the Trustees for becoming an integral part of the PM CARES Fund.

The meeting was attended by Trustees of the PM CARES Fund, i.e. Union Home Minister and Union Finance Minister as also, the newly nominated trustees of the PM CARES Fund:

  • Justice K.T. Thomas,  Former Judge, Supreme Court,
  • Kariya Munda, Former Deputy Speaker,
  • Ratan Tata, Chairman Emeritus, Tata Sons.

The Trust further decided to nominate following eminent persons for constitution of Advisory Board to PM CARES Fund:

  • Rajiv Mehrishi, Former Comptroller and Auditor General of India
  • Sudha Murthy, Former Chairperson, Infosys Foundation
  • Anand Shah, Co-founder of Teach for India and Former CEO of Indicorps and Piramal Foundation.

Prime Minister said that participation of new Trustees and Advisors will provide wider perspectives to the functioning of the PM CARES Fund. Their vast experience of public life would impart further vigour in making the fund more responsive to various public needs.

Tata Group to invest Rs 600 cr in West Bengal: Mamata Banerjee

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Kolkata, Sep 12 (IANS) West Bengal Chief Minister Mamata Banerjee on Monday afternoon claimed that Tata Group will invest Rs 600 crore in Jalpaiguri district shortly.

Although she made this claim at an event to hand over appointment letters to various beneficiaries under ‘Utkarsh Bangla’, a skill development scheme of the state government on Monday afternoon, she did not divulge any further details on this count like the sector where the investment will take place or the time by when the investment will be made.

Till the time this report was filed, there was neither any confirmation nor any denial from the Tata Group on this count.

“We are happy that the Tata Group will be investing Rs 600 crore at Jalpaiguri’s Raninagar. The speciality of the project will be 66 per cent of the women employed there will be women. During the last one year, 45,000 women from West Bengal have been directly absorbed at different places,” the chief minister said.

To recall, in 2006, immediately after the seventh Left Front government came to power in West Bengal with Buddhadeb Bhattacharjee as the chief minister, Tata Motors announced setting up of its small car, Nano factory at Singur in Hooghly district in West Bengal. However, Trinamool Congress under the leadership of Mamata Banerjee started a massive movement against the project alleging forceful land acquisition by the state government for the project.

Finally in October 2008, the Tata Group chairman, Ratan Tata announced pulling out of Singur. Gujarat’s Sanand became the new destination for the Nano factory.

“I think some time back I mentioned that if somebody puts a gun to my head, you will pull the trigger or you take the gun away because I will not move my head. I think Ms Banerjee has pulled the trigger,” Ratan Tata said in October 2008 while announcing the pull-out of the Nano factory from Singur.

After that in 2011, the 34-year-old Left Front regime ended in West Bengal making way for the entry of Trinamool Congress regime with Mamata Banerjee as the chief minister. Since then, fresh investments by Tata Group in West Bengal have just remained an illusion.

Cyrus Mistry’s Demise: What happens to SP Group’s stake in Tata Sons

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Cyrus P. Mistry, 54, a scion of the Shapoorji Pallonji Group and former Chairman of Tata Group, was killed in a road accident in Palghar on Sunday afternoon, sending shock waves across the Mumbai circle of businesses and on the future of SP Group’s stake in Tata Sons.

He is survived by his wife, two children and a sister and an elder brother.

The last rites of Mistry, 54, who was killed in a road accident in Palghar on Sunday afternoon, shall be performed at the Worli Crematorium at 11 a.m. Tuesday, the mourning family said in a statement.

“Beloved husband of Rohiqa, father of Firoz and Zahan, son of the late Pallonji Shapoorji Mistry and Patsy Mistry, son-in-law of Iqbal and Roshan Chagla, brother of Laila Rustom Jehangir, Aloo Noel Tata and Shapoor Mistry,” said the family requesting “No condolence visits.”

Cyrus Mistry

The young business tycoon Mistry’s abrupt departure left the Indian corporate world shocked and has put the spotlight again on SP group’s substantial 18.37 per cent holding in Tata Sons, the holding company of the Tata group.

The SP group had talked about separation in the past after a troubled relationship with Ratan Tata and media reports in March this year said the group was taking a Rs.15,000 crore loan against the holding in Tata Sons.

SP Group had talked about separation two years back in September 2020 before the Supreme Court, where the group pleaded that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.

The SP-Tata relationship spanning over 70 years, was impacted by the ouster of Cyrus Mistry from the Chairman’s position at Tata Sons in 2016.

The boardroom coup was shrouded in mystery, forced cyrus Mistry take a long-running legal battle until the top court ruled in Tata’s favour.