Cyrus Mistry floats PE venture
On the second anniversary of his unceremonious exit from the Tata group, Cyrus Mistry has announced the formation of a private equity (PE) venture — Mistry Ventures LLP.
It was on October 24, 2016 that Tata Sons had removed Cyrus Mistry as chairman. Mistry, who took over as chairman of Tata Sons in 2012, was replaced by N. Chandrasekaran.
Since his ouster, Mistry had taken Tatas to courts over his sacking, corporate governance and ethics issues.
A press statement on Wednesday said Mistry Ventures LLP has been established with the intention to provide strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to start-ups in India and abroad.
Mistry Ventures will bring in Ashish Iyer from Boston Consulting Group to lead the firm.
“Ashish has worked with companies across sectors globally and brings deep expertise across domains and capabilities such as strategy, go-to-market, digital, innovation amongst others and I am very excited to have him on board,” Mistry said while commenting on the decision to bring in Iyer.
According to Mistry, the private equity firm will look to deliver profit with positive social impact and this will be embedded in each of the ventures it promotes or partners with.
Mistry Ventures LLP has been jointly promoted by Cyrus Mistry and his brother Shapoor Mistry. Both head the Shapoorji Pallonji group. The conglomerate with a history of over 150 years, operates in engineering & construction, infrastructure, real estate, water, energy and financial services sectors with a presence in 60 countries globally.
“Mistry Ventures will do more than just invest in companies. By interpreting some of the major global and local trends and understanding their impact on industries and companies, we will incubate new businesses, forge partnerships and make investments across sectors. Mistry Ventures will focus on providing mentorship and infusing unique capability to help start-ups craft the appropriate business experiments needed to validate, scale and bring products and services faster to market,” Mistry added.