Billionaire Business Leader Dies

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(Newser)

Cyrus Mistry, an Indian-born Irish businessman and former chairman of Indian conglomerate Tata Sons, died in an accident on Sunday after his car crashed into a road divider in western India, police said. He was 54. The crash occurred on a river bridge in Maharashtra state’s Palghar district near Mumbai, police officer Prakash Gaekwad told reporters. Mistry served as Tata Sons chairman for five years until he was removed by the board in October 2016, the AP reports. He challenged the board’s decision, but India’s top court upheld his dismissal. Politicians and business leaders reacted with shock to news of Mistry’s death.

Prime Minister Narendra Modi said Mistry was a promising business leader who believed in India’s economic prowess. “His passing away is a big loss to the world of commerce and industry,” he said. Anand Mahindra, an Indian business leader, said, “I was convinced he was destined for greatness.” Mistry owned an 18.4% stake in Tata Sons through his company, Cyrus Investments Pvt. Ltd. In 2018, his net worth was approximately $10 billion. Mistry joined the family construction company, Shapoorji Pallonji and Co., as managing director in 1991. The family’s business built luxury hotels, stadiums, palaces, and factories throughout Asia, per the Irish Independent. He is survived by his wife, Rohiqa, and two sons. Pallonji Mistry, his father and the family patriarch who also was an Irish citizen, died in June at 93.

(Read more obituary stories.)

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