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Business News/ News / India/  Cyrus Mistry’s death: Shapoorji Pallonji group’s second personal loss in 2022

Cyrus Mistry’s death: Shapoorji Pallonji group’s second personal loss in 2022

Cyrus Mistry, the son of Pallonji Mistry, was the youngest scion of the Shapoorji Pallonji Group.

Cyrus Mistry was the chairman of Tata Sons between 2012 and 2016. (REUTERS)

The death of Cyrus Mistry, the youngest scion of the Shapoorji Pallonji Group, in a fatal car accident is a double loss for the 157-year-old company as the group patriarch passed away in late June. In 2022, the SP Group has a net worth of nearly $30 billion, according to the Bloomberg Billionaires Index.

The youngest son of Pallonji Mistry, Cyrus passed away on the spot on September 4 when his car lost control on the Mumbai-Ahmedabad highway. He was survived by his wife Rohiqua and two kids, Firoz and Zahan.

Pallonji Mistry, known as "the Phantom of Bombay House", passed away on June 28, 2022, at the age of 93. After Cyrus Mistry was ousted from the Tata Group as chairman in a board coup in October 2016, the group and the Mistrys engaged in the most epic fight in India Inc. history.

Also Read: Mistry’s big role

The nearly $30-billion diversified group, which owns 18.6 per cent in the $130-billion Tata Group, was founded by the late senior Pallonji Mistry (great grandfather of Cyrus) in 1865 as Littlewood Pallonji & Co.

The SP Group's interests include solar power, real estate, consumer products, engineering & construction (under its flagship Afcons), and engineering & construction, the last two of which it just abandoned as part of deleveraging. Today, the company has over 50,000 employees working for it in more than 50 nations.

Additional management changes have been made to the organisation since late 2019 with Shapoor's son Pallon, 26, joining the board of the organisation's holding company and daughter Tanya taking over the CSR projects.

Among the objectives of the newly-mandated generation are helping the group companies go digital and enhancing shareholder relations. Pallon presently sits on the apex panel, which makes crucial choices for the long term.

After being named the chairman of the Tata Group in December 2012, Cyrus abstained from involvement in family business operations, leaving that to his older brother Shapoor Mistry.

The Tata Group expanded under Cyrus' leadership at a CAGR of 12.5%, but their debt increased from 1.89 lakh crore to 2.29 lakh crore at a slower rate of 9.98%. He left the group with an overall revenue of over $100 billion, which almost nearly doubled during his watch, while the net profit zoomed at a CAGR of 42.3% during this time, demonstrating significantly more efficient operations under his tenure.

The Mistry family became Irish citizens in early 2003 after giving up their Indian citizenship. The family's passion for horses and ownership of a 200-acre stud farm in Pune serve to accentuate their interest in Ireland.

(With PTI inputs)

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