Cyrus Mistry, billionaire ex-chairman of Tata Sons, dies in India car crash | India

Cyrus Mistry, an Indian-born Irish businessman and former chairman of Indian conglomerate Tata Sons, died in an accident after his car crashed into a road divider in the west India, police said. He was 54 years old.

The accident happened on a river bridge in the Palghar district of Maharashtra state near Mumbai on Sunday, police officer Prakash Gaekwad said.

Mistry was president of Tata Sons, the holding company of $300 billion software salt conglomerate Tata, for five years until he was removed from his position by the board in October 2016. He challenged the board’s decision board, but India’s highest court upheld his dismissal.

Politicians and business leaders reacted with shock to news of Mistry’s death. The Prime Minister, Narendra Modisaid Mistry was an up-and-coming entrepreneur who believed in India’s economic prowess.

“His passing is a great loss to the world of commerce and industry,” he said.

Anand Mahindra, an Indian entrepreneur, 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 taken from him.

Mistry was traveling to Mumbai from Gujarat with three other people, said B Patil, the top police officer in Palghar district.

The car Mistry was traveling in crashed into a splitter and he died at the scene, a senior Mumbai police official said.

Tata Consultancy Services (TCS), in which Tata Sons has a majority stake, said it mourned the untimely death of its former chairman. “He was a warm, friendly and likeable person who established a strong relationship with the TCS family during his tenure as president of the company,” he said in a statement.

Mistry held an 18.4% stake in Tata Sons through his company, Cyrus Investments. In 2018, his net worth was around $10 billion.

Mistry joined the family construction company, Shapoorji Pallonji and Co, as managing director in 1991.

A graduate in Civil Engineering from Imperial College London and in Management from London Business School, Mistry describes himself as a voracious reader of business books and a golfer, and shares his family’s love of horses.

He is survived by his wife and two sons.

With Reuters

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