The prize, is given to the best work or translations of a work on or about the South Asian region. Last year the award was won by Jeet Thayil for his debut debut novel "Narcopolis".
Mistry was presented with the award at a ceremony at the Jaipur Literature Festival here this evening by Gloria Steinem.
"I have tried to keep myself as detached as possible with the possibility of winning this prize, so am not so enthusiastic but happy about the win," Mistry said after reciving the award.
Union HRD Minister was originally slated to inaugurate the prize ceremony.
Noted writer, editor and literary critic Antara Dev Sen chaired the five member jury which first announced a longlist of 15 names and then came up with a shortlist of six from which Mistry was chosen.
Mistry's book is a story of marginalised community and looks at larger questions about life and death, which makes it a different read.
The jury comprised of Arshia Sattar, Ameena Saiyid, Rosie Boycott, and Paul Yamazaki.
The shortlist was announced in November last year.
