Shapoorji Pallonji group chairman and billionaire industrialist Pallonji Mistry passed away in Mumbai. He was 93, reports Hindustan Times.

More than 150 years old, the Shapoorji Pallonji Group is one of the largest business firms in India and the reclusive billionaire - Pallonji Mistry - was credited for its success.

In 2016, he was awarded the Padma Bhushan, the country's third highest civilian award. He was one of India's oldest billionaires.

Shapoorji Pallonji group has a presence in Engineering & Construction, Infrastructure, Real Estate, Water, Energy and Financial Services. With a employee base of over 50,000 people, the group deliver end-to-end solutions across 50 nations.

The Pallonji family own 18.4% stake in Tata Sons, the holding company of the Tata group.

Last year, Shapoorji Pallonji Group had sold its consumer durables business under the Eureka Forbes label to the American private equity fund Advent International. Eureka Forbes operates with brands like Aquaguard and Forbes.