Cyrus Mistry’s sons join SP
Firoz (l) and Zahan Mistry
"It’s just a month since they have joined. Every senior official in the SP Group will support and mentor them to take their father’s legacy forward,” said executives close to the development. Cyrus’s death in a road accident on September 4 this year had hit the Group hard, but efforts are on to work towards building a resilient business and taking his ideals forward, another person aware of the development shared with ET.
Shapoor’s son Pallon, who joined the group five years ago, is now a director on the boards of eight group companies. He was mentored by both his father and uncle. The cousins share a close bond, notes ET.
Banking officials feel the group is on a sound footing today. "The SP Group was able to do two large exits — Sterling and Wilson and Eureka Forbes — in record time and at good valuations. This created good liquidity for the group and gave confidence to lenders about the seriousness of the Group to repay debts,” they expressed.
Shapoorji Pallonji (SP) Real Estate has received an injection of Rs 450 crore from the Motilal Oswal (MO) Alternates Investment Advisors section of the Motilal Oswal Group, reported Mint on November 20, 2022. The monies are intended for two of SP’s projects, a partially completed commercial center near Manesar in Gurgaon and a residential township launched in 2021 at Bavdhan in Poona called SP Vanaha, the report stated. The amounts will be used "as working capital, to repay debt and achieve financial closure.”
MO Alternates has over Rs 6,000 crore in assets and manages five real estate funds, notes Mint. This is its first investment in SP Real Estate. Venkatesh Gopalakrishnan, chief executive officer, SP Real Estate told the newspaper: "We appreciate the investment made by Motilal Oswal Alternates in our projects. This exemplifies the company’s strong trust in our brand.”
Rohiqa Chagla is the granddaughter of M C Chagla, former Chief Justice of Bombay High Court and was a member of the Indian Muslim league before partition.Her father is Iqbal Chagla a famous lawyer. Good Man Cyrus Mistry body,God bless his soul was cremated at the Worli crematorium as the Parsi Mobeds refused to carry out his last rites being married to a Muslim lady as per Islamic customs. He was a firm believer in Hinduism and visited temples in Varanasi. His sons not being accepted as Parsis another Industrial conglomerate will go the way like other Parsi Industrial groups whose owners had inter caste marriages. Wishing his sons a bright future in their new postings.