SHAPOOR MISTRY'S SOLO RACE

Mistry family scion has taken up the task of paring group debt and grooming the next generation.

- Nevin John

SHAPOOR MISTRY AND LATE CYRUS MISTRY FAMILY

WEALTH: ₹2,84,712 crore

THE 158-YEAR-OLD Shapoorji Pallonji (SP) Group faced a double loss in 2022—passing away of group patriarch Pallonji Mistry in June and death of his youngest son Cyrus in a road accident in September. Pallonji Mistry, even at 93, was active in strategic affairs, while Cyrus was executing financial and business restructuring to reduce the group’s debt burden.

Now, Shapoor Mistry, the eldest son of Pallonji Mistry, has taken up the responsibility of helming the nearly $30-billion revenue-diversified engineering and construction group, which owns 18.41% stake in the $130-billion Tata Group. “Shapoor is driving the businesses alone at a time when cash flows are insufficient for debt repayments. However, he has restructured the business and passed on responsibilities to his son and Cyrus’s two sons,” says a senior banker.

Consolidated external debt of flagship Shapoorji Pallonji And Company Pvt. Ltd. (SPCPL) fell ₹15,300 crore from ₹37,170 crore on August 31, 2020, to ₹21,870 crore on December 31, 2022, says ICRA. The agency expects that the debt will be further reduced through asset divestment.