Mistry is back in business even as a pitched legal battle against the Tata group continues
• The new venture is named Mistry Ventures LLP
• Cyrus Mistry and his brother Shapoor will be the joint promoters of the new establishment
• Mistry Ventures LLP will incubate and fund the startup ecosystem
Cyrus Mistry, the former chairman of Tata Group, on Wednesday announced the formation of a private equity venture Mistry Ventures LLP.
The announcement on Wednesday comes on the second anniversary of Cyrus’ unceremonious ouster as chairman of Tata Sons.
The new firm is jointly promoted by Cyrus and his elder brother Shapoor, both promoters of the Shapoorji Pallonji Group, which owns an 18.4 percent stake in Tata Sons.
— moneycontrol (@moneycontrolcom) October 24, 2018
The new venture aims at providing strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to startups in the country as well and globally, a statement from the office of Cyrus Mistry said.
It is learnt that the Mistrys are ready to pump in hundreds of crores into the new venture, which will personally be handled by Cyrus himself.
Mistry Ventures will bring in Ashish Iyer, senior partner and previously global leader, strategy practice at the Boston Consulting Group to lead the firm.
— DNA (@dna) October 24, 2018
Mistry took over as chairman of Tata Sons in 2012 but was ousted in a boardroom coup on October 24, 2016. Since his ouster, Mistry has taken Tatas to courts over his sacking, and governance and ethics issues.