Sons Of Cyrus Mistry Join The Shapoorji Pallonji Group And Could Soon Hold Executive Positions

Sons of the late Cyrus Mistry, Firoz Mistry, 26, and Zahan Mistry, 24, have officially joined the Shapoorji Pallonji (SP) Group and will be mentored by top group specialists, according to executives familiar with the situation. Shapoor, the chairman of SP Group and Cyrus’s older brother, has reportedly taken his nephews under his wing and is mentoring them one-on-one.

On September 4, Cyrus Mistry, a former chairman of Tata Sons, was killed in an automobile accident.

According to the individuals cited above, Firoz and Zahan will work for roughly 18 months in different group businesses and verticals before assuming executive roles. Both Firoz and Zahan, who attended Yale and the University of Warwick, has just recently returned to India.

The SP Group was deeply affected by Cyrus’s passing but will continue to create a strong company and carry forth his ideas, according to a second individual with knowledge of the situation.

Shapoor Pallonji & Co., the holding firm, is governed by Shapoor’s son Pallon, who joined the organization roughly five years ago (SPCPL). He currently sits on the boards of eight group companies as a director.

Father Shapoor, uncle Cyrus, and senior group executives all served as mentors to Pallon. According to sources, Shapoor and Cyrus’s children are very close.

Banking officials claimed that the group is now on stronger financial ground.

In FY22, SPCPL completed its one-time restructuring (OTR) plan by paying off its debt ahead of schedule. It accomplished this by receiving additional funding from the promoters, cash from the sale of assets, and a new term loan.

The company is relying on its historical expertise in the fields of contracts, real estate, oil & gas, and water. One of the oldest engineering and construction firms in India, SPCPL has a wide range of business activities. The order book for its building division exceeds 30,000 crores.

Shapoor and Cyrus Mistry were given equal ownership of Pallonji Mistry’s empire, which included the $27 billion Tata Sons stake, and the former was appointed chairman of SPCPL.

In order to guide the SP Group through the difficult time following Covid, Cyrus Mistry used his connections with lenders and investment bankers. This included the $3,750 crore in monetization at Sterling & Wilson Renewable Energy and Eureka Forbes.

Mistry has two sisters: Laila, who is wed to Rustom Jehangir, a portfolio fund manager based in London, and Aloo, who is wed to Noel Tata, Ratan Tata’s half-brother. Tata Sons, the holding company for the Tata Group, is 18.6% owned by the Mistry family.

News Mania Desk