Mistry is presently also the chairman of loss-making Forbes & Company Ltd listed on the Bombay Stock Exchange.
The Tata Trusts, led by the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust, hold a 66 per cent stake in Tata Sons, the Tata group's holding company.
Ambani and Adani account for a fifth of the net worth of all billionaire promoters in the country and half the combined net worth of the top 10.
Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position. Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling.
The billionaire Mistry family's estate is likely to soon change hands. The assets in the name of Cyrus Mistry, who died in September last year, may soon be divided equally among his wife Rohiqa and sons Firoz and Zahan, according to sources. The reorganisation will also include the 9.2 per cent stake in Tata Sons, which is currently in Cyrus Mistry's name and held through his investment company Cyrus Investments.
A family priest performed the prayers as per Parsi tradition before the last rites.
Members of the Parsi community, business leaders and politicians were among those who attended the cremation.
The last rites of Cyrus Mistry, former chairman of Tata Sons who was killed in a car crash, will be performed in Mumbai on Tuesday, his family said.
Construction major Shapoorji Pallonji & Co will set up a real estate fund in the next one year. The fund will focus on investments in the domestic market, according to Shapoor Mistry, chairman of Eureka Forbes, a part of the Shapoorji Pallonji group.
A naturally reclusive nature and a conviction for the work to do the talking meant there was very little known about Mistry even during his time at the helm of Tata Sons. He did not do a single media interview from Bombay House.
'He wanted to learn all the time.'
Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors
Mistry indeed followed standards of corporate governance so that it should not create any controversies at a later date
While study was done before the current boardroom battle began, the findings indicate Tata is no longer viewed as aspirational brand by working professionals.
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