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Afcons Infrastructure Ltd., the flagship engineering and construction arm of the Shapoorji Pallonji Group, has announced a major leadership transition aimed at reinforcing its professional governance while deepening promoter engagement. In a board meeting held on August 28, 2025, the company elevated Shapoorji Pallonji Mistry to the honorary role of Chairman Emeritus, appointed Krishnamurthy Subramanian as Executive Chairman, and inducted Pallon S Mistry to its board as a non-executive director.
This reshuffle marks a generational shift in the group’s leadership and reflects Afcons’ commitment to balancing continuity with strategic renewal.
Key Highlights of the Leadership Transition
Shapoorji Mistry steps down as Chairman after 13 years, assumes the role of Chairman Emeritus
Krishnamurthy Subramanian, previously Executive Vice Chairman, promoted to Executive Chairman
Pallon S Mistry, 33, joins the board as a non-executive, non-independent director
The changes are effective August 29, 2025, subject to shareholder approval
Afcons reaffirms its status as a professionally managed company with promoter oversight
Shapoorji Mistry: From Chairman to Mentor
Legacy and Impact
Mistry served on the Afcons board for over 25 years, including 13 years as Chairman
He oversaw Afcons’ transformation from a domestic contractor into a global infrastructure player
Under his leadership, Afcons expanded into marine, tunneling, and metro rail projects across Asia, Africa, and the Middle East
Chairman Emeritus Role
The honorary position allows Mistry to continue offering guidance and mentorship without holding a board seat
He emphasized Afcons as the “crown jewel” of the SP Group and reaffirmed his commitment to its long-term vision
Krishnamurthy Subramanian: Steering Strategic Growth
Subramanian has been with Afcons since 2002 and played a pivotal role in its international expansion
As Executive Chairman, he will lead strategic planning, stakeholder engagement, and operational oversight
His elevation formalizes his leadership role and ensures continuity in execution and governance
The board cited his deep institutional knowledge and proven track record in project delivery and risk management
Pallon S Mistry: A Generational Shift
Profile and Credentials
Pallon holds a master’s degree in strategic marketing from Imperial College London
He is a director at Shapoorji Pallonji & Co Pvt Ltd and serves on several group boards and philanthropic trusts
Board Induction
His appointment is aimed at aligning Afcons’ long-term strategy with the SP Group’s evolving vision
Mistry senior recommended Pallon’s induction to deepen promoter involvement while preserving professional independence
Pallon’s entry marks the beginning of a generational transition within the SP Group’s leadership structure
Strategic Implications and Market Context
The leadership changes come as Afcons prepares for its next phase of growth, including expansion into green infrastructure and digital engineering
With a market capitalization of over ₹15,500 crore, Afcons is one of India’s top infrastructure firms, recently completing marquee projects like the Chenab Bridge and Mumbai Metro Line 3
The SP Group, which owns 50 percent of Afcons, is also in discussions to restructure its stake in Tata Sons, adding further strategic relevance to the timing of this transition
Conclusion
Afcons Infrastructure’s leadership reshuffle reflects a thoughtful blend of legacy, professionalism, and generational renewal. With Shapoorji Mistry stepping into a mentorship role, Krishnamurthy Subramanian taking the reins as Executive Chairman, and Pallon Mistry entering the boardroom, the company is poised to navigate future challenges with clarity and conviction. This transition not only strengthens Afcons’ governance framework but also signals the SP Group’s commitment to nurturing its flagship enterprise for long-term success.
Sources: The Hindu BusinessLine, Moneycontrol2, Business Standard, Times of India4.
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