Former Tata Group chairman Cyrus Mistry announces new venture
Cyrus Mistry, the former chairman of Tata Group, on Wednesday announced the formation of a private equity venture by the name of Mistry Ventures LLP. He made the announcement two years after being ousted as the Tata Group chief.
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Mistry Ventures LLP will “provide strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to startups in India and globally,” the company said in a statement.
Cyrus and his brother Shapoor, who own 50 per cent stake each in the family-held Shapoorji Pallonji (SP) Group, will be the joint promoters of the new venture.
Mistry Ventures will bring in Ashish Iyer, Senior Partner and previously Global Leader, Strategy Practice at the Boston Consulting Group to lead the firm, as reported by PTI.
Outlining his vision for Mistry Ventures, he said: “The intent to deliver profit with positive social impact will be embedded in each of the ventures we promote or partner with”.
“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 sets to help start-ups craft the appropriate business experiments needed to validate, scale and bring products and services faster to market,” he added.
Mistry was unceremoniously ousted from the conglomerate on October 24, 2016, following which has taken Tatas to courts over his sacking, and governance and ethics issues.