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Monday 20 May, 2024
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Who was Cyrus Mistry? Cause of Death, Funeral, Wife, Net Worth and Salary

BY Anas Shah Sep 04, 2022. 05:45 pm UPDATED: Sep 04, 2022. 05:47 pm

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One of India’s most renowned businessmen, Cyrus Mistry who was famously deposed in a boardroom coup in 2016, was murdered today in a car accident. The prime minister of India led tributes to him.

Cyrus Mistry was a “promising corporate leader,” according to Narendra Modi, who also called his death “a tremendous loss to the world of trade and industry.” Mistry was a billionaire and the former chairman of Tata, India’s largest conglomerate with an annual revenue of $128 billion.

Who was Cyrus Mistry?

Cyrus Pallonji Mistry, an Irish businessman of Indian descent, lived from 4 July 1968 until 4 September 2022. From 2012 until 2016, he served as the chairman of the Indian commercial behemoth Tata Group. He was the group’s sixth chairman and the second (after Nowroji Saklatwala) to not have a Tata last name.

He was chosen by a selection committee in mid-2012 to lead the Tata Group, and he assumed control in December of the same year.

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Early life 

The younger son of Indian construction tycoon Pallonji Mistry and his wife Patsy Perin Dubash, Mistry was born to a Parsi household in Mumbai. The Zoroastrian faith is practised by both of his parents, who are of Indian descent. Mistry’s mother was born in Ireland, nevertheless, and his father decided to acquire Irish citizenship. Shapoor Mistry, Mistry’s older brother, is married to Behroze Sethna, a Parsi lawyer and daughter of Rusi Sethna. Shapoor Mistry is also an Irish citizen. Laila and Aloo are Mistry’s other two sisters. Rustom Jehangir, a portfolio fund manager located in London, is married to Laila. Noel Tata, Ratan Tata’s half-brother who is also half-Parsi, half-French, and half-Catholic, is Aloo’s husband.

Shapoorji Mistry, Mistry’s grandfather, first bought a stake in Tata Sons in the 1930s. The Pallonji family has been involved in business for over a century. The stake, which today stands at 18.5%, was held by Mistry’s father and is the largest block of shares held by a single entity.  Additionally, the Mistry family’s charitable trusts currently control almost 66% of Tata Sons. Mistry had a comfortable upbringing. He attended South Mumbai’s famous Cathedral & John Connon School for his education.

He received a Bachelor of Engineering in civil engineering from the University of London in 1990 after completing his studies at Imperial College London. Later, after attending the London Business School, he received an international executive master’s degree in management.

Career 

In 1991, Mistry began working as a director for the Shapoorji Pallonji & Co. Ltd, a family-owned construction business. Mistry has served as chairman of Tata Sons and the Tata Group in addition to managing director of Shapoorji Pallonji & Company, a subsidiary of the Shapoorji Pallonji Group.

He was referred to be “the most prominent industrialist in both India and Britain” in a story published in The Economist in 2013.

Cause of Death

Around 3.15 p.m. today, Mr. Mistry, 54, was travelling from Ahmedabad to Mumbai when the Mercedes he was riding in collided with a divider on a bridge in Palghar.

Maharastra state police in western India reported that two passengers were hurt and one other person was killed. Mr. Mistry’s body was transported to the Kasa Rural Hospital in Gujarat for an autopsy.

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The family of Mistry, who recently buried their father Pallonji Mistry at the age of 93, has taken another hit as a result of the revelation.

Cyrus Mistry wife and Childred

Mistry is survived by two sons and his wife Rohiqa Chagla

WHAT WAS CYRUS MISTRY’S NET WORTH?

Cyrus owned an 18.4% stake in Tata Sons, through his company, Cyrus Investments Pvt. Ltd. In 2018, his net worth was approximately $10 billion.

Pallonji Mistry, the father of Cyrus Mistry, had a net worth assessed by Bloomberg Billionaires Index to be around $30 billion in mid-2021 and $29 billion at the time of his passing. At the time of his passing, he was the 143rd richest person in the world and the richest billionaire in Ireland.

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