First Published Sep 5, 2022, 3:52 PM IST
After the sudden death of former Tata Sons Group Chairman Cyrus Mistry in a car accident, the question of maintaining the assets of the Shapoorji Baloonji Group of USD 3 billion has been raised.
Cyrus Mistry’s father Shapoorji Paloonji passed away on June 28. His younger son Cyrus Mistry also died within two months of his death.
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As a result, the question has arisen as to who will be responsible for maintaining the 157-year-old Shapoorji Baloonji Group and its holdings in various companies.
Cyrus Mistry is survived by his wife Rohiha and two sons Firoz Marrum Jahan who died in Karvibhat.
In 2012, when Cyrus Mistry was the chairman of the Tata Sun group, SP handed over the responsibilities of the group to Shapoorji Mistry. In 2019, Cyrus Mistry was added to the board of directors of SP Group but did not participate. But Cyrus Mistry’s brother Shapoorji’s daughter Tanya has been given the CSR responsibility and son Baloonji has been added to the board.
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Cyrus was expected to become the chairman of SP Group after Cyrus Mistry was ousted from Tata Sons Group in 2016. However, his father Shapoorji Paloonjee was the chairman. Although Baloonji retired in 2012, he did not step down from the role of chairman of the company.
Despite being the chairman of the Tata Group, Cyrus Mistry has shown no interest in getting too involved in his family business. It was his brother Shapoor Mistry who noticed.
The Shapoorji Baloonji family owns 18.6% stake in the Tata group. According to the Bloomberg website, Shapoorji Baloonji family’s assets will be worth 3 trillion dollars by 2022.
After the entry of Shapoorji’s children Tanya and Baloonji into the Shapoorji Baloonji Group, smooth functioning and digital introduction to the stakeholders has brought about a smooth environment.
Shapoorji Baloonji Group is well known in the construction industry.
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The firm’s first constructions include Girgaum Chaupati and Malabar Hill in South Mumbai. Sports halls, stadiums, factories, hotels etc. were built in Mumbai.
Reserve Bank Head Office, Stock Exchange Savar, Oberoi Hotel, Alam Palace, Nathwara Temple in Rajasthan, Jumeirah Lake Tower in Dubai and Epini Cyber City in Mauritius are famous.
Apart from this, Chenab Railway Bridge, Atal Cave Pass, Dhaka-Chittagong Railway Line, Kolkata Metro are the recent constructions by SP Group.
SP Group, a shareholder in Eureka Force, sold its 8.7 per cent stake to Lonolux and exited. Apart from that, Sterling & Wilson Solar Power also sold its stake to Reliance Industries in 2021.
It is not decided who will look after the $3000 crore assets of the nearly 157-year-old SP Group and the Shapoorji Baloonji Group.
Last Updated Sep 5, 2022, 3:52 PM IST