Shapoor Mistry stepped down as chairman of Afcons Infrastructure.
His son, Pallon Shapoorji Mistry, has joined the board as a non-executive director.
Subramanian Krishnamurthy has been appointed as the executive chairman of Afcons Infrastructure.
Shapoor Mistry resigned as chairman of the infrastructure engineering and construction company of the Shapoorji Pallonji Group, Afcons Infrastructure. In an exchange filing on August 28, the SP Group company said Shapoor Mistry will take the role of chairman emeritus, an honorary, non-board position without remuneration, to offer guidance and mentorship. His son, Pallon Shapoorji Mistry, has joined the board as a non-executive director, effective from August 29.
“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,” said the company.
The board promoted Afcons’ executive vice chairman, Subramanian Krishnamurthy, as the executive chairman, the company added.
The company posted a consolidated profit after tax (PAT) of ₹137 crore in the first quarter of the financial year 2025-26, up from ₹92 crore as compared to Q1 FY25, up by 50%.
The development has come around a time when the news that the SP Group could potentially exit from Tata Sons has surfaced. The construction-to-real estate conglomerate holds an 18.37% stake in the Tata Group’s holding company. Earlier this month, the Noel Tata-led Tata Trusts passed a resolution confirming that Tata Sons should continue to be an unlisted private company and has started discussions with the SP Group for the potential exit, the Economic Times had earlier reported.
“It was agreed at the meeting to request the chairman of Tata Sons to explore all possible avenues for ensuring that there was no change in the status of Tata Sons as it currently stood. This included a dialogue with the minority shareholders for providing an exit to them,” ET reported, citing the resolution document.
