Firoz Cyrus Mistry, son of the late Cyrus Mistry, and veteran banker Santosh Balachandran Nayar have joined the board of Afcons Infrastructure, the engineering and construction company of the Shapoorji Pallonji Group.
Last month , Pallon S Mistry, son of Shapoorji Pallonji group chairman Shapoor Mistry, joined the board, indicating next-gen family involvement in Afcons.
The Next-Generation family involvement
Firoz Cyrus Mistry has been appointed a non-executive director and Nayar an independent director, Afcons said in a release.
Firoz Cyrus Mistry is on the boards of SC Finance and Investments and Cyrus Investments, and designated partner in CPM Nexgen Ventures LLP and Mistry Ventures.
“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,” added Subramanian.
Inducting seasoned professional expertise
Nayar had held several senior leadership positions, including deputy managing director and group executive (corporate banking) at the State Bank of India, managing director & chief executive officer at IFCI, and chairman & managing director at India Infrastructure Finance Company. He currently serves as an independent director on the boards of several companies in the power, finance, and infrastructure sectors.