Leadership reshuffle: Shapoor Mistry steps down as Afcons chairman

After more than 13 years as Afcons Chairman, Shapoorji Mistry steps down to become Chairman Emeritus while his son Pallon Mistry joins the board, marking a generational transition

Afcons Infrastructure, a Shapoorji Pallonji group company, announced a leadership reshuffle on Thursday, with Shapoor Mistry stepping down as chairman. 

 

His son, Pallon Shapoorji Mistry, will join the board as a non-executive director.

 

“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,” Shapoor said in his resignation letter.

 

The board approved 61-year-old Shapoor Mistry’s resignation at its meeting on Thursday, the company said 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.

 

He called the company the “crown jewel” of the Shapoorji Pallonji group in his resignation letter.  He credited Afcons’ transformation from a domestic contractor into a global infrastructure player to the leadership of executive vice chairman, Subramanian Krishnamurthy, and his management team. bs reporter

 

The board elevated Krishnamurthy to Executive Chairman, formalising his role in steering Afcons’ strategy and growth. 

 

At the same time, Afcons appointed Pallon Mistry, 33, as an additional director in a non-executive, non-independent capacity, effective Aug. 29, subject to shareholder approval. A graduate of Imperial College London with a background in strategic marketing, he 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 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 total market capitalisation of Rs 15,516 crore. The promoters own 50 per cent stake in the company.

 

The SP group holds 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.