Cyrus Mistry, who was a senior businessman in India, died in a car accident at the age of 54

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Cyrus Mistry, one of India’s most prominent business families and head of the country’s largest business conglomerate, died in a road accident near Mumbai. He was 54.

The local police confirmed that Mistry’s car hit the divider on the Palhar Bridge at around 2.30 pm on Sunday. Mistry and another passenger were killed, while two others were injured and taken to hospital, Assistant Inspector of Police Balasaheb Yamgar said by phone.

The news is the latest blow to the Mistry family, whose patriarch Pallonji Mistry – father of Cyrus – died in June aged 93. Their Shapurji Pallonji Group, founded in 1865, built luxury hotels, stadiums, palaces and factories across Asia. Tower wing of the famous Taj Mahal Hotel in Mumbai. But the Mistries have recently come to the fore in a clash with the Tata group.

At the time of his death, Pallonji Mistry had amassed a net worth of about $29 billion, according to the Bloomberg Billionaires Index, making him one of the richest men in India. Most of the family’s wealth, however, is the largest minority shareholder -18.5% in 2018. Early 2022 – Mumbai-based Tata Sons Pvt.

Cyrus Mistry was elected chairman of Tata Sons in 2012, becoming the second highest-ranking executive not to carry the Tata family name. In the year His shocking ouster in 2016 sparked a very public, years-long courtroom and boardroom battle between two of India’s corporate clans.

The Supreme Court of the country It said Cyrus’ ouster in 2021 was legal and also complied with Tata Sons’ minority shareholder rights rules, which make it difficult to sell shares without board approval. This means that by early 2022, nearly $30 billion of its shares were essentially illegal.

Cyrus’ elder brother Shapur Mistry is chairman of the SP group. In the year In 2018, the siblings formed Mistry Ventures LLP, a venture capital firm.

Cyrus Mistry is survived by his wife Rohika and their two sons.

– With the help of Ashutosh Joshi

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