Cyrus Mistry, one of India’s top business scion, dies in car accident at 54
Cyrus Mistry, a scion of one of India’s most illustrious business families who also ran the country’s largest corporate group, died in a road accident near Mumbai. He was 54 years old.
The car Mistry was in hit a bulkhead on a bridge in Palghar around 2.30pm on Sunday, local police confirmed. Mistry and another passenger were killed, while two others injured were taken to hospital, Assistant Police Inspector Balasaheb Yamgar said by telephone.
The news is the latest blow to the Mistry family, whose patriarch Pallonji Mistry, father of Cyrus, died in June at the age of 93. Their Shapoorji Pallonji Group was founded in 1865 and has built luxury hotels, stadiums, palaces and factories across Asia, including the tower wing of the iconic Taj Mahal hotel in Mumbai. But the Mistrys were more recently known for a feud with the Tata group.
Pallonji Mistry had amassed a net worth of nearly $29 billion at the time of his death, according to the Bloomberg Billionaires Index, making him one of India’s richest men. Most of the family’s wealth, however, came from being the largest minority shareholder – 18.5% at the start of 2022 – of Mumbai-based Tata Sons Pvt., the largest investment holding company in the most large Indian conglomerate.
Cyrus Mistry was appointed Chairman of Tata Sons in 2012, becoming the second senior official not to carry the Tata surname. His shock ousting in 2016 sparked a very public, years-long battle in courtrooms and boardrooms between two of India’s most storied corporate clans.
The nation’s highest court ruled in 2021 that Cyrus’ ousting was legal and also upheld Tata Sons’ rules on minority shareholder rights, which made it difficult to sell shares without board approval. ‘administration. That meant the stake, worth nearly $30 billion at the start of 2022, was fundamentally illiquid.
Cyrus’ older brother, Shapoor Mistry, is chairman of the SP Group. In 2018, the siblings formed venture capital firm Mistry Ventures LLP.
Cyrus Mistry is survived by his wife Rohiqa and their two sons.
—With help from Ashutosh Joshi
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