By Bl Mumbai Bureau

Copyright thehindubusinessline

Another next generation member of the Shapoorji Pallonji family, Firoz Cyrus Mistry, the son of the late Cyrus Mistry, has been inducted on the board of Afcons Infrastructure, the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group.

This comes close on the heels of Pallon S Mistry, another next-generation member of the SP family, joining the Afcons board last month — signalling next-gen family involvement in Afcons, a statement said.

Pallon Mistry is the son of Shapoor Mistry, who stepped down as Afcons chairman and was named Chairman Emeritus last month.

Veteran Banker Santosh Balachandran Nayar was also inducted to Afcons Board of Directors.

“Both Firoz and Pallon have been engaged with the company since a long time, in their individual capacities. They will bring fresh perspectives and insights to the Board through their diverse experiences, their international exposure and unique understanding of infrastructure business,” said Krishnamurthy Subramanian, Executive Chairman, Afcons.

“The active participation of the young members of Mistry family alongside seasoned professionals shall propel Afcons towards a renewed growth trajectory,” he added.

Firoz Mistry is on the boards of S C Finance and Investments and Cyrus Investments, and designated partner in CPM Nexgen Ventures LLP and Mistry Ventures LLP.

With a liberal arts education from Yale University, Firoz Cyrus Mistry, at 29, would bring in a next-generation leadership perspective, combining fresh insights with a forward-looking strategic mindset, while remaining grounded in the Shapoorji Pallonji Group’s values of trust and collaboration, the statement by the company said.

Firoz Mistry’s experience spanned strategic formulation and the development of governance frameworks strengthening board processes, compliance and risk oversight, it said.

With experience in building relationships with business partners and collaborators, ensuring alignment across diverse interests, it would place in a position to provide meaningful guidance as Afcons Infrastructure continues to grow and expand, it added.

Nayar, has over four decades of experience in project finance, banking and insurance. He has held several senior leadership positions, including Deputy Managing Director & Group Executive (Corporate Banking) at the State Bank of India, Managing Director & Chief Executive Officer at IFCI Limited, and Chairman & Managing Director at India Infrastructure Finance Company Limited.

He currently serves as an independent director on the boards of several companies in the power, finance and infrastructure sectors. He had been nominated by the Hon. Prime Minister as a member of Dr. Kelkar Committee for developing PPP model for India.

Mr Firoz Cyrus Mistry has been appointed as a Non-Executive Director, while Mr Santosh Nayar has joined the Afcons board as an Independent Director.

Published on September 25, 2025