Shapoorji Pallonji Mistry steps down as chairman of Afcons Infra, appointed Chairman Emeritus

Shapoorji Pallonji Mistry, in his resignation, said he will continue to be available to provide guidance, mentorship and support to the Board of Afcons.

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The board of Afcons Infrastructure, a Shapoorji Pallonji Group company, has accepted the resignation of Shapoorji Pallonji Mistry as the non-executive, non-independent director and chairman, appointing him as Chairman Emeritus with effect from August 29, an exchange filing said. Mistry had been a chairman of the company for 13 years.

"Considering the rich experience, leadership, vision and long association of Mr. Shapoorji Pallonji Mistry with the Company, the Board has appointed Mr. Shapoorji Mistry as Chairman Emeritus of the Company with effect from 29th August 2025 to continue to provide guidance, mentorship, and support to the Board and the management of Afcons as and when necessary. It is an honorary non-board position without any remuneration/ fees," the company statement said.

Shapoorji Pallonji Mistry, in his resignation, said he will continue to be available to provide guidance, mentorship and support to the Board of Afcons.

"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 reaffirms 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 of the Company with effect from 28th August 2025," Shapoorji Pallonji Mistry said.

Subramanian Krishnamurthy, the Executive Vice Chairman at Afcons has been elevated as the Executive Chairman of the company, and Pallon Shapoorji Mistry, 33, has been appointed as an Additional Director. Pallon S Mistry has a master’s degree in strategic marketing from Imperial College, London and has been a director on the board of Shapoorji Pallonji and Company (SPCPL).

"I also take this opportunity to recommend to the Board induction of Mr. Pallon S Mistry, a next generation from the Shapoorji Pallonji family to the board. His close engagement with the board will strengthen the alignment of Afcons' long-term strategy with the Group's vision, thereby paving way for deeper promoter involvement in shaping Afcons' future, while preserving the professional independence of its leadership," Shapoorji Pallonji Mistry added.

Afcons Infra has a market capitalisation of over Rs 15,000 crore, and the shares are down 21 percent on a YTD basis.