Former Tata Sands chairman Cyrus Mistry dies in car accident


MUMBAI—Cyrus Mistry, the 54-year-old former chairman of Indian conglomerate Tata Sands, died Sunday in a road accident near the financial hub of Mumbai, Indian police said.

Mistry was ousted as chairman of Tata Sands, the holding company of the $300 billion salt-to-software conglomerate, Tata conglomerate, in a 2016 board coup that led to India’s Supreme Court ultimately taking over Tata. It sparked a lengthy legal battle that resulted in a verdict. Group Favor.

The accident occurred Sunday afternoon in Palgarh, about 100 kilometers (62 miles) north of Mumbai. Mistry had traveled from Gujarat to Mumbai with three others of his, said B. Patil, chief police officer in Palgarh district.

A Mumbai official said the car in which Ms.

Several prominent politicians and businessmen have expressed their condolences after the news of Mr. Mistry’s death was reported. Prime Minister Narendra Modi said Mr Mistry’s death was premature and shocking.

“He was a promising business leader who believed in the economic power of India. His death is a great loss to the world of commerce,” Modi tweeted.

Mistry’s family and Tata Sands did not immediately respond to requests for comment.

Tata Consultancy Services, which is majority-owned by Tata Sons, said it mourned the untimely death of its former chairman, adding that it extended its “sincere condolences and prayers” to his family and friends.

“He was a warm, friendly and easy-going person who developed strong ties with the TCS family during his tenure as president,” TCS said in a statement.

Mistry was the sixth chairman of the Tata Group, a conglomerate founded more than 150 years ago, and the second chairman without the name Tata. He was the brother-in-law of Noel Tata and half-brother of Mistry’s predecessor, Ratan Tata.

Mistry’s grandfather first bought shares in Tata Sons in the 1930s. Shapurji Palongi (SP) Group, founded by Mistry’s father, now holds nearly 18% of the shares, making it the largest shareholder in the company, which is mostly managed by a trust.

The decades-long relationship between SP Group, one of the country’s largest construction firms, and Tata Group strained after his dismissal, with SP Group considering “separating interests” from Tata Sons since. I’ve been

A fund manager interviewed by Reuters at the time of Mr. Mistry’s appointment said he was largely unknown in the business world.

Having studied civil engineering at Imperial College London and business administration at London Business School, Mistry describes himself as an avid reader of business books and a golfer, sharing his family’s love of horses. I was.

SP Group did not immediately respond to Reuters’ request for comment on Mistry’s death.

Rupam Jane

Reuters

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