Shapoorji Mistry Steps Down as Afcons Chair, Son Pallon Mistry Joins Board
Shapoorji Mistry, a key figure in the Shapoorji Pallonji group, is stepping down as chairman of Afcons Infrastructure. His son, Pallon Mistry, will join the board as a non-executive director, marking a generational shift in leadership.
Shapoorji MistryAfcons InfrastructurePallon MistryLeadership TransitionProfessional ManagementReal Estate PuneAug 28, 2025
Shapoor Mistry, in his resignation letter, expressed his deep commitment to ensuring a smooth and seamless transition. “After serving on the board for more than 25 years, including over 13 years as its chairman, to pave way for smooth and seamless transition of leadership at Afcons and to reaffirm that Afcons continues to be a truly professionally managed organisation, I do hereby tender my resignation as a non-executive director and from the positions of chairmanship with effect from August 28, 2025,” he stated.
The board approved 61-year-old Shapoor Mistry’s resignation at its meeting on Thursday, as detailed in a stock exchange filing. He will assume the role of chairman emeritus, an honorary, non-board position without remuneration, to provide guidance and mentorship. Shapoor Mistry referred to Afcons as the “crown jewel” of the Shapoorji Pallonji group, crediting its transformation from a domestic contractor into a global infrastructure player to the leadership of executive vice chairman, Subramanian Krishnamurthy, and his management team.
Krishnamurthy will be elevated to the position of Executive Chairman, formalizing his role in steering Afcons’ strategy and growth. This move underscores the company’s commitment to maintaining professional management while ensuring a smooth generational shift.
Pallon Mistry, 33, will join the board as an additional director in a non-executive, non-independent capacity, effective August 29, subject to shareholder approval. A graduate of Imperial College London with a background in strategic marketing, Pallon is a director at Shapoorji Pallonji & Co. Pvt. Ltd. and sits on several group boards and philanthropic trusts. In his resignation letter, Shapoorji Mistry recommended Pallon’s induction to the Afcons board to “strengthen the alignment of Afcons’ long-term strategy with the Group’s vision” while preserving the professional independence of its leadership.
The transition marks a generational shift for the SP Group, ensuring the continuity of promoter involvement at Afcons while reaffirming its professional management structure. Afcons shares closed at Rs 421 a share, down 3.2 per cent, with a total market capitalisation of Rs 15,516 crore. The promoters own 50 per cent stake in the company.
The SP group holds an 18.4 per cent stake in Tata Sons, the holding company of the Tata group, and is currently in talks with the Tata group for an exit from the unlisted company. This move is part of a broader strategy to streamline the group’s portfolio and focus on core competencies.
Frequently Asked Questions
Who is stepping down as chairman of Afcons Infrastructure?
Shapoorji Mistry is stepping down as chairman of Afcons Infrastructure.
What is Pallon Mistry's new role at Afcons?
Pallon Mistry will join the board of Afcons as a non-executive director.
What is the new role of Subramanian Krishnamurthy at Afcons?
Subramanian Krishnamurthy will be elevated to the position of Executive Chairman at Afcons.
What is the significance of Shapoorji Mistry's resignation?
Shapoorji Mistry's resignation marks a generational shift in leadership while ensuring the continuity of professional management at Afcons.
What is the current market capitalisation of Afcons?
As of the announcement, Afcons shares closed at Rs 421 a share, with a total market capitalisation of Rs 15,516 crore.
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