"a big loss to the world of commerce and industry."
Cyrus Mistry, the former chairman of Tata Sons, has died in an accident after his car crashed into a road divider in western India.
The 54-year-old was travelling from Ahmedabad to Mumbai when the Mercedes he was in hit a divider on a bridge in Palghar at around 3:15 pm on September 4, 2022.
Mr Mistry died at the scene and his body was taken to Gujarat’s Kasa Rural Hospital for a post-mortem.
One other person was killed while two passengers were injured.
Politicians and business leaders reacted to the news of Mr Mistry’s death.
Prime Minister Narendra Modi said:
“His passing away is a big loss to the world of commerce and industry.”
Anand Mahindra, an Indian business leader, said:
“I was convinced he was destined for greatness. If life had other plans for him, so be it, but life itself should not have been snatched away from him.”
In a statement, Tata Consultancy Services (TCS) said:
“He was a warm, friendly and congenial person who built a strong relationship with the TCS family during his time as the chairman of the company.”
The news is the latest blow for the Mistry family, which lost its patriarch Pallonji Mistry just two months ago at the age of 93.
The family construction company, Shapoorji Pallonji, which started more than 150 years ago and today employs more than 50,000 people, has built iconic buildings including the Oberoi Hotel in Mumbai and the blue-and-gold Al Alam palace for the Sultan of Oman.
But Pallonji Mistry made most of his fortune from being the largest individual shareholder in Tata Sons (18.5%).
In 2012, his son Cyrus was named chairman of Tata Sons, becoming only the second top official not to bear the Tata family name.
However, he was publicly ousted just four years later following criticism of his performance.
A courtroom battle between Cyrus and his replacement, Ratan Tata, sparked a long-running legal battle in which India’s top court eventually upheld his dismissal.
Cyrus’ older brother, Shapoor Mistry, is chairman of the SP Group, one of India’s largest construction firms.
The siblings, who along with their two sisters became automatic Irish citizens by virtue of their Dublin-born mother Patsy Perin Dubash, set up venture capital firm Mistry Ventures LLP in 2018.
Cyrus Mistry owned an 18.4% stake in Tata Sons through his company, Cyrus Investments.
In 2018, his net worth was about $10 billion.
Mr Mistry was a graduate in civil engineering from London’s Imperial College and in management from the London Business School.
He described himself as a golfer and a voracious reader of business books. Mr Mistry also shared his family’s love of horses.
He is survived by his wife Rohiqa and their two sons, Firoz and Zahan.
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