Pallonji Mistry

Less than three months after the death of billionaire Pallonji Mistry in June at the age of 93, his younger son Cyrus Mistry, 54, former chairman of Tata Sons, died on Sunday in a car accident in western India.

Cyrus Mistry came from one of India’s wealthiest families, but his tenure at the helm of conglomerate Tata Sons was cut short after a messy boardroom coup.

India-born billionaire industrialist Pallonji Mistry, who died on Tuesday at age 93, led the 156-year-old Shapoorji Pallonji group that built such landmarks as the Reserve Bank of India building in Mumbai and the palace of the Sultan of Oman.

SINGAPORE (October 8, 2020) – Amid the Covid-19 pandemic which hit India hard and led to a sharp economic contraction, half of the nation’s 100 richest on the 2020 Forbes India Rich List saw gains. Their collective net worth rose 14% to US$517.5 billion from a year earlier.

The family said that it's time to end its 70-year-old relationship with Tata Sons, the holding company of a conglomerate of 30 companies with revenues of $113 billion.

Cyrus Mistry is to be reinstated as chairman of India’s leading conglomerate Tata Sons–adding another twist to one of India's most acrimonious boardroom battles.

Amid a challenging year for the economy, the total wealth of the tycoons on the 2019 Forbes India Rich List shrank 8% to US$452 billion from a year ago.

India's wealthiest clans have traditionally cemented ties through marriage. The Ambani wedding bash, costing millions of dollars, brings two billionaire families closer together.

Despite a rout in the rupee that practically wiped out the Indian stock market’s 14% rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to US$492 billion. Among the nation’s 100 richest, 11 saw their wealth jump by $1 billion or more.

A growing number of the country's richest people are opting for a foothold overseas, while retaining close business ties to India.

At 26, John Collison, Stripe’s president, is now the world’s youngest self-made billionaire -- two months younger than Snapchat founder Evan Spiegel, who is also 26.

Cyrus Mistry steps down as chairman of Tata Group, hunt for successor begins

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Cyrus Mistry to lead 143-year old Tata Group