Shapoorji Resigns as Chairman of Afcons
In a significant leadership transition at the Shapoorji Pallonji Group, Shapoorji Mistry has resigned as chairman of Afcons Infrastructure, a key subsidiary of the 160-year-old conglomerate. His son, Pallon Mistry, has been appointed to the board of the listed company, marking a pivotal moment in the family’s succession plan. This move reflects the group’s ongoing evolution and the increasing involvement of the next generation in its operations.
Transition of Leadership
Shapoorji Mistry, aged 61, has stepped down from his role as chairman of Afcons Infrastructure after serving in the position for 13 years. He has been a board member for over 25 years, witnessing the company’s transformation from a domestic player to a globally recognized infrastructure firm. Following his resignation, Shapoorji will assume the honorary title of chairman emeritus at Afcons, a role that does not involve any remuneration. His departure from the chairmanship is seen as a strategic move to facilitate the next generation’s involvement in the company.
Pallon Mistry, 33, has been appointed to the board of Afcons, following a gradual increase in his responsibilities within the Shapoorji Pallonji Group. He previously joined the main firm, Shapoorji Pallonji and Company, in 2015 and has since been preparing for a more prominent role in the family business. His educational background includes a master’s degree from Imperial College in London, which adds to his credentials as he steps into this new position.
Family Dynamics and Company Structure
The Shapoorji Pallonji Group is co-owned by Shapoorji Mistry and his two nephews, Firoz and Zahan Mistry, who are the sons of the late Cyrus Mistry, a former chairman of Tata Sons. While Firoz and Zahan hold directorships in SC Finance, one of the group’s holding companies, their involvement in the day-to-day operations is limited. This limited engagement stems from Cyrus Mistry’s decision to step down from his executive role in the group in 2012, a move that has influenced the family’s dynamics within the business.
Shapoorji Mistry emphasized the importance of Afcons to the overall group, referring to it as the “crown jewel.” He expressed pride in the company’s journey since its acquisition from ICICI Bank in 2000, highlighting its growth and success in the infrastructure sector. The company went public in November 2024 and currently boasts a market capitalization exceeding Rs 15,500 crore.
Future Prospects for Afcons
With Pallon Mistry’s appointment to the board, the Shapoorji Pallonji Group aims to align Afcons’ long-term strategy with the broader vision of the group. Shapoorji Mistry believes that Pallon’s close engagement with the board will enhance the company’s direction while maintaining the professional independence of its leadership. This strategic move is expected to pave the way for deeper involvement from the family in shaping Afcons’ future.
In addition to his responsibilities at Afcons and SPCL, Pallon Mistry serves as a trustee of the Breach Candy Hospital. He previously held a position on the board of Sterling and Wilson Renewable Energy but resigned after the family divested a stake to Reliance Industries. This multifaceted involvement indicates Pallon’s commitment to both the family business and community service, positioning him as a key figure in the group’s future endeavors.
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