Cyrus Mistry, the Irish-born scion of one of India’s most famous entrepreneurial families, died in a road accident near Mumbai on Sunday.
The news is the latest blow to the Mistry family, whose patriarch Pallonji Mistry – Cyrus’ father, who was also an Irish citizen – died in June aged 93.
Her empire built luxury hotels, stadiums, palaces and factories across Asia, but was most recently known for a corporate feud with the Tata Group.
Cyrus Mistry, 54, was traveling from Ahmedabad when his car hit a partition in Palghar on Sunday, the Press Trust of India reported, citing local police.
An outside spokesman for the Mistry family’s Shapoorji Pallonji Group confirmed the news of Mistry’s death. Two others were injured and taken to hospital.
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 wealth, however, comes from its position as the largest minority shareholder – 18.5 per cent in early 2022 – in Mumbai-based Tata Sons, the key investment holding company for India’s largest conglomerate.
Cyrus Mistry was appointed chairman of Tata Sons in 2012. His shock ouster in 2016 sparked a very public, years-long court and board battle between two of India’s most famous corporate clans, the Mistrys and Tatas.
The country’s top court ruled in 2021 that Cyrus’ ouster was legal and also upheld Tata Sons’ minority shareholder rights rules, which made it difficult to sell shares without board approval. That meant the stake, which was worth nearly $30 billion as of early 2022, was essentially illiquid.
Mistry is survived by his wife Rohiqa and their two sons.
https://www.independent.ie/business/irish/irish-businessman-cyrus-mistry-dies-in-road-accident-in-india-41960347.html Irish businessman Cyrus Mistry dies in a road accident in India