Firoz Cyrus Mistry joins Afcons board as the next-gen Shapoorji Pallonji family gets involved in Afcons

Firoz Cyrus Mistry, the son of Cyrus P. Mistry—the late chairperson of the Tata Group—has joined the board of Afcons Infrastructure as a non-executive director, the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group announced on Thursday, signalling that the next generation of the Shapoorji Pallonji family is increasing its involvement in the company.

Along with Mistry, veteran banker Santosh Balachandran Nayar was appointed to the board as an independent director. Firoz Mistry’s appointment comes close on the heels of Pallon S Mistry joining the Afcons board last month.

“Both Firoz and Pallon have been engaged with the company for a long time, in their individual capacities. They will bring fresh perspectives and insights to the Board through their diverse experiences, international exposure, and unique understanding of the infrastructure business. The active participation of the young members of the Mistry family alongside seasoned professionals shall propel Afcons towards a renewed growth trajectory,” said Krishnamurthy Subramanian, Executive Chairman, Afcons, in a statement.

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

In August, the flagship infrastructure and engineering arm of the Shapoorji Pallonji Group with an over ₹15,000 crore market cap, has elevated Shapoorji Mistry as chairman emeritus. The boardroom reshuffle is being viewed as a carefully calibrated move to balance legacy, professional management, and generational continuity at one of India’s most reputed infrastructure companies.

After serving on the board for over 25 years, including 13 years as chairman, Shapoorji Mistry has stepped back from active leadership. As chairman emeritus, which is a non-board and honorary position, he will continue to serve as a mentor and guide to the board and executive team. The company, in a statement, described this transition as ensuring the continued, deeper involvement of the Shapoorji Pallonji Group in shaping Afcons’ future, while preserving the professional independence of its leadership.

Under Shapoorji Mistry’s stewardship between FY2012 and FY2025, Afcons experienced a remarkable transformation with turnover surging nearly five-fold to ₹13,023 crore, EBITDA clocking a CAGR of over 14.5% and order-book expanding over five times to ₹36,869 crore.