In a shocking development, Cyrus Mistry was killed in road accident He was traveling after a Mercedes on Sunday afternoon in Palghar and collided with the divider. The business tycoon, the younger son of Indian billionaire and construction magnate late Pallonji Mistry, met with an accident when he was traveling from Ahmedabad to Mumbai.
In his career, Cyrus Mistry has held key positions in Corporates India – From being the managing director of construction giant Shapoorji Pallonji Group to taking over as chairman of Tata Sons in 2012, after Ratan Tata – the first non-Tata to lead Ratan Tata’s empire.
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Mistry (54) was born on 4 July 1968 in a Parsi family in Mumbai. He graduated in Civil Engineering from Imperial College of Science. technology and Medicine, London in 1990. He completed his Master’s degree in Management from London Business School in 1996.
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Cyrus Mistry joined Shapoorji Pallonji Group in 1991 as a Director. He has been the managing director of Shapoorji Pallonji & Company, which is part of the Shapoorji Pallonji Group, and is also the chairman of Tata Sons and the Tata Group.
Mistry is survived by wife Rohika Chagla, daughter of lawyer Iqbal Chagla and two sons.
The first non-Tata to lead Ratan Tata’s empire
Mistry joined the board of Tata Sons in September 2006 after his father retired. Prior to this, Cyrus Mistry had held non-executive positions on the boards of several other Tata companies.
In November 2011, Mistry was appointed deputy chairman of the Tata group, aiming at the retirement of Ratan Tata, who had been leading the group since 1991, a year later. He then took the top position in 2012. The first person in the history of the company not to be a blood relative of the Tata family.
However, Cyrus Mistry could retain his position for just four years until 2016, when he was ousted in a boardroom coup led by the Tata Trusts. The trust owned 66 percent of Tata Sons and was controlled by Ratan Tata.
In December 2016, two Mistry family-backed investment firms – Cyrus Investments Pvt Ltd and Sterling Investment Corporation Pvt Ltd – moved the National Company Law Appellate Tribunal (NCLAT) alleging mismanagement by Tata Sons. In February 2017, Mistry was removed as a director on the board of Tata Sons, the holding company of the Tata group of firms.
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In a court battle, the Supreme Court ruled in 2021 that it was legal to remove Cyrus from Tata. It also upheld Tata Sons’ rules on minority shareholder rights. Following his stint at Tata, Mistry set up his new venture capital firm, Mistry Ventures LLP.
Shapoorji Pallonji’s business grew manifold under Mistry’s leadership
Under the guidance of Mistry, Shapoorji Pallonji Construction / Trades increased many folds. The companies evolved from pure manufacturing to designing and building and executing projects under the EPC delivery method, implementing complex projects in the marine, oil and gas and rail sectors.
Cyrus was responsible for building infrastructure development at the Shapoorji Pallonji Group with a 106-MW power project in Tamil Nadu in 1995, followed by the development of India’s largest biotech park near Hyderabad in partnership with the Government of Andhra Pradesh.
The infrastructure vertical also developed major road projects. She also oversaw the Shapoorji Pallonji Group’s entry into agriculture and biofuels. He resigned from the company after being made the Vice Chairman of the Tata Group.
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