MUMBAI: The man who will head a group synonymous with Indian industry is an Irish national and shares his birth date (July 4) with the US Independence Day. But in many ways, he resembles the business giant he has been handpicked to succeed. Like Ratan Tata, Cyrus Pallonji Mistry, 43, is described by close friends as soft-spoken, candid and down to earth.Again like Tata, Mistry is said to love cars -- especially SUVs -- and steers clear of the cocktail party circuit. But unlike lifelong bachelor Tata, Mistry is said to be a devoted family man. He is married to Rohiqa, daughter of renowed lawyer Iqbal Chagla, and the couple have two school-going sons.Mistry is known to be a foodie and his favourite holiday destination is Europe. Besides Mumbai, he owns houses in London and Pune.According to a Tata group insider, "Mistry is one person who can laugh at himself." His sense of humour should come in handy as he faces the challenges that lie ahead. A person who has shown a preference for the shadows, he will now have to put up with the arclights for years, perhaps decades. Tellingly, his Wikipedia profile got created within minutes of the announcement that he had been effectively chosen chairman-in-waiting of Tata Sons.The youngest son of construction baron Pallonji Shapoorji Mistry, Cyrus hails from one of the richest Indian families with a net worth of $7.6 billion. But he will disassociate himself from the family business to avoid conflict of interest.He has been managing director of Shapoorji Pallonji & Company, which is part of the Rs 15,000-crore Shapoorji Pallonji Group (SP Group). An avid golfer and prolific reader, Mistry got the chance to join Tata Sons' board a year after his father retired as director in 2005. The family is the single largest shareholder in Tata Sons with a stake of 18%. Mistry is also on the board of Tata Elxsi and holds non-executive positions on the boards of several other companies. He is a trustee of the Breach Candy Hospital Trust as well.Although he does not have experience in heading a Tata group company, Mistry, a graduate in civil engineering from London's Imperial College, has been actively involved in the family business. His expertise includes formation of business plans, risk evaluation, business investment strategy and property and infrastructure development.Khurshed Daruvala, MD, Sterling & Wilson, in which the SP Group holds 56%, describes Mistry as a ``hands-on leader'' who is strategy oriented. ``Ever since Mistry started working with this partnership firm in 2003, the turnover has jumped from Rs 50 crore to Rs 2,000 crore.''If this is exemplary, consider what Mistry accomplished after he took charge at loss-making Afcons Infrastructure. SP Group acquired a 53.96% shareholding in Afcons in 2000. In March 2011, Afcons earned a total income of Rs 2,893 crore with a compounded annual growth rate of 21% over the past five years. He joined the SP Group in 1991 as a director and became its MD in 1994 in charge of the construction business. His brother, Shapoor Mistry, is actively involved in the real estate and textile business.Conservative in his approach, Mistry is said to have an eye for detail. "Once he takes decisions, he sticks with them," said an insider. He can safely expect to take many crucial decisions in the years to come.
