Afcons inducts Firoz Mistry, Santosh Nayar as new members on its board

Afcons Infrastructure has appointed Firoz Cyrus Mistry as non-executive director and Santosh Balachandran Nayar as independent director, effective Thursday

Afcons Infrastructure, the listed engineering and construction arm of the Shapoorji Pallonji Group, has announced the appointment of Firoz Cyrus Mistry, son of former Tata Group chairperson late Cyrus Mistry, to its board as non-executive director.

 

The company also inducted veteran banker Santosh Balachandran Nayar as an independent director, with both appointments taking effect on Thursday.

 

This comes close on the heels of Pallon S Mistry, son of Shapoor Mistry, joining the Afcons board last month — signalling next-generation family involvement in Afcons, the company said.

 

Krishnamurthy Subramanian, executive chairperson, Afcons, said, “We are delighted to welcome Firoz Mistry and Santosh Nayar to our board. Their entry marks their passionate involvement in shaping Afcons’ future.”

 

 

“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,” Subramanian added. 

 

Firoz Mistry, 29, also serves on the boards of S C Finance and Investments and Cyrus Investments. He is a designated partner in CPM Nexgen Ventures LLP and Mistry Ventures LLP.

 

Nayar has over four decades of experience in project finance, banking and insurance. He has held several senior leadership positions, including deputy managing director and group executive (corporate banking) at the State Bank of India, managing director and chief executive officer at IFCI Limited, and chairperson and 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.

 

Afcons’ shares listed on the Bombay Stock Exchange (BSE) closed at Rs 443.05 per equity share on Thursday (25 September), compared with the previous close of Rs 456.05.