Leadership reshuffle: Shapoor Mistry Steps Down as Afcons Chairman
Afcons Infrastructure, part of the Shapoorji Pallonji group, announced a change in leadership, with Shapoor Mistry resigning from his role as chairman.
His son, Pallon Shapoorji Mistry, will be appointed as a non-executive director on the board.
In his resignation letter, Shapoor stated, “After being a board member for over 25 years, including more than 13 years as chairman, I hereby resign as a non-executive director and from the position of chairman effective August 28, 2025, to facilitate a smooth transition of leadership at Afcons and to confirm that Afcons remains a truly professionally managed organisation.”
The board accepted Shapoor Mistry’s resignation, who is 61 years old, during its meeting on Thursday, according to a filing with the stock exchange. He will take on the title of chairman emeritus, an honorary position not on the board and without pay, to provide advice and mentorship.
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In his resignation letter, he referred to the company as the “crown jewel” of the Shapoorji Pallonji group and praised Afcons for evolving from a local contractor into a global infrastructure leader under the guidance of executive vice chairman Subramanian Krishnamurthy and his management team.
The board promoted Krishnamurthy to Executive Chairman, officially recognizing his role in leading Afcons’ strategy and development.
At the same time, Afcons appointed Pallon Mistry, age 33, as an additional director in a non-executive, non-independent capacity, starting August 29, pending shareholder approval. He holds a degree from Imperial College London and has experience in strategic marketing, serving as a director at Shapoorji Pallonji & Co. Pvt. Ltd. and on various group boards and charitable trusts.
In his resignation letter, Shapoorji Mistry suggested Pallon’s addition to the Afcons board to "enhance the alignment of Afcons’ long-term strategy with the vision of the Group" while maintaining the professional independence of its leadership.
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This transition signifies a generational change for the SP Group, ensuring continued promoter involvement at Afcons and reinforcing its professional management structure.
Shares of Afcons ended at Rs 421 each, reflecting a decline of 3.2 percent, with a total market valuation of Rs 15,516 crore. The promoters hold a 50 percent stake in the company.
The SP Group possesses an 18.4 percent stake in Tata Sons, the holding entity of the Tata Group, and is presently in discussions regarding an exit from the unlisted company.