Billionaire Shapoor Mistry, who controls the Shapoorji Pallonji (SP) Group, is planning to sell the group’s holdings in Afcons Infrastructure Ltd, a Mumbai-based infrastructure construction company.
The Shapoorji Pallonji (SP) Group, one of India’s well-known conglomerates, is considering selling assets worth approximately USD 2 billion.
As per Bloomberg’s report, the Shapoorji Pallonji (SP) Group, led by billionaire Shapoor Mistry, is considering selling its stake in Mumbai-based infrastructure construction company Afcons Infrastructure Ltd. The group is also reportedly contemplating the sale of some ports.
Headquartered in Mumbai, the Shapoorji Pallonji (SP) Group was established in 1865. The conglomerate has business interests in various sectors, such as engineering & construction, real estate, textiles, home appliances, shipping, biotechnology, and more. Afcons Infrastructure Ltd., which is based in Mumbai and has operations in over 25 countries in Asia, Africa, and the Middle East, is one of its subsidiaries.
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Previously, there were reports stating that the SP Group intended to raise USD 1.75 billion by pledging 50% of its stake in Tata Sons. It is noteworthy that the SP Group is the largest individual shareholder of Tata Sons, a company formerly led by Ratan Tata.
Who is Shapoor Mistry?
Shapoor Mistry, a billionaire businessman, is the controlling figure of the engineering and construction behemoth, Shapoorji Pallonji Group. Unlike his brother Cyrus Mistry, Shapoor Mistry prefers to stay out of the public eye. He shares his considerable wealth with Cyrus Mistry’s family after his younger brother’s untimely demise.
The Mistry family’s most significant asset is their 18.4% ownership in Tata Sons, the holding company of the USD 128 billion Tata Group.
In 2022, Shapoor Mistry faced a double loss with the passing of his father and group leader, Pallonji Mistry, in June, followed by the untimely death of his younger brother, Cyrus Mistry, a few months later.
It is worth noting that Cyrus Mistry served as the chairman of Tata Sons for four years until October 2016, when he was removed after a bitter boardroom dispute with Ratan Tata.