His last name may not be Tata, but Cyrus Mistry is as close as an outsider could come. Announced as the heir apparent to Ratan Tata, the group's long-standing chairman, Mistry will become head of one of India's most storied business groups. A five-man selection team - which included the 43-year-old Mistry himself - spent 15 months searching for a successor to Ratan Tata, in a closely guarded process that had India Inc guessing.
Cyrus Pallonji Mistry, born 4 July 1968 is the youngest son of Irish construction magnate Pallonji Mistry. Mistry has been appointed as the Chairman of the Board of Tata Sons (Tata Group) with effect from December 28 2012, after the retirement of Ratan Tata. Mistry will be the sixth Chairman of the group and the second not named Tata after Sir Nowroji Saklatvala. Apart from the Tata Group, he also serves as a Director on the Board of several other companies, including Shapoorji Pallonji & Co., Forbes Gokak, Afcons Infrastructure and United Motors (India). Mistry's grandfather first bought shares in Tata Sons in the 1930s, a stake that currently stands at 18.5 percent, which is in the hands of Mistry's father, the largest single shareholder in a firm mostly controlled by trusts.
Mistry studied at the Cathedral & John Connon School in Mumbai. He graduated from the Imperial College, London with a BE in civil engineering and holds a Master of Science in management from the London Business School. He is a fellow of the Institution of Civil Engineers. He got the chance to join Tata Sons' board a year after his father retired as director in 2006 and has been serving in the capacity of a director of Tata Sons since. He served as a Director of Tata Elxsi Limited and was a Director of Tata Power Co. Ltd until 2006. He is also a founding member of the Construction Federation of India. He is a trustee of the Breach Candy Hospital Trust, Mumbai. He is also on the board of Imperial College India Foundation.
He has been credited, among other things, with starting a 106-megawatt power project in 1995 in the southern state of Tamil Nadu followed by the development of India’s largest biotech park near Hyderabad in partnership with the Andhra Pradesh government. According to a company statement, under Cyrus Mistry’s supervision, Shapoorji Pallonji’s construction business rose from sales of $20 million to almost $1.5 billion. “Under his stewardship, the companies registered many firsts in India – construction of the tallest residential towers, the longest rail bridge, the largest dry dock and the largest affordable housing project. The group’s international construction business is now present in over 10 countries,” the statement said.
Mistry is married to Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and the granddaughter of renowned jurist M.C. Chagla. Together, Mistry and his wife have two sons. He has an elder brother Shapoor Mistry. Cyrus has two sisters, Laila and Aloo.
Between Tata and Mistry, there is a family connection, too – sort of. One of Cyrus Mistry's sisters, Aloo is married to Ratan Tata’s half-brother, Noel Tata.
Cyrus Pallonji Mistry, born 4 July 1968 is the youngest son of Irish construction magnate Pallonji Mistry. Mistry has been appointed as the Chairman of the Board of Tata Sons (Tata Group) with effect from December 28 2012, after the retirement of Ratan Tata. Mistry will be the sixth Chairman of the group and the second not named Tata after Sir Nowroji Saklatvala. Apart from the Tata Group, he also serves as a Director on the Board of several other companies, including Shapoorji Pallonji & Co., Forbes Gokak, Afcons Infrastructure and United Motors (India). Mistry's grandfather first bought shares in Tata Sons in the 1930s, a stake that currently stands at 18.5 percent, which is in the hands of Mistry's father, the largest single shareholder in a firm mostly controlled by trusts.
Mistry studied at the Cathedral & John Connon School in Mumbai. He graduated from the Imperial College, London with a BE in civil engineering and holds a Master of Science in management from the London Business School. He is a fellow of the Institution of Civil Engineers. He got the chance to join Tata Sons' board a year after his father retired as director in 2006 and has been serving in the capacity of a director of Tata Sons since. He served as a Director of Tata Elxsi Limited and was a Director of Tata Power Co. Ltd until 2006. He is also a founding member of the Construction Federation of India. He is a trustee of the Breach Candy Hospital Trust, Mumbai. He is also on the board of Imperial College India Foundation.
He has been credited, among other things, with starting a 106-megawatt power project in 1995 in the southern state of Tamil Nadu followed by the development of India’s largest biotech park near Hyderabad in partnership with the Andhra Pradesh government. According to a company statement, under Cyrus Mistry’s supervision, Shapoorji Pallonji’s construction business rose from sales of $20 million to almost $1.5 billion. “Under his stewardship, the companies registered many firsts in India – construction of the tallest residential towers, the longest rail bridge, the largest dry dock and the largest affordable housing project. The group’s international construction business is now present in over 10 countries,” the statement said.
Mistry is married to Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and the granddaughter of renowned jurist M.C. Chagla. Together, Mistry and his wife have two sons. He has an elder brother Shapoor Mistry. Cyrus has two sisters, Laila and Aloo.
Between Tata and Mistry, there is a family connection, too – sort of. One of Cyrus Mistry's sisters, Aloo is married to Ratan Tata’s half-brother, Noel Tata.
The Legacy
The legacy of the Tatas that Cyrus Mistry will inherit includes:
- Headquarters at the Bombay House in downtown Mumbai.
- Operations in more than 80 countries across six continents with exports to 85 countries.
- Group Turnover of Rs 475,721 crore or $100.09 billion.
- Shareholder base of 3.8 million.
- Foreign brands that include Corus, Jaguar, Land Rover, Tetley, heavy vehicles unit of Daewoo Motors.
- Over 450,000 employees.
References: Wikipedia; The Wall Street Journal; Times of India; NDTV; moneycontrol.com; firstpost.com
Photo Courtesy: Google Images
Photo Courtesy: Google Images