Afcons Board Expands with Firoz Mistry and Veteran Banker Santosh Nayar Appointments

26 Sep 2025 , 12:20 PM

Firoz Cyrus Mistry, son of the late Cyrus Mistry, has been appointed to the board of Afcons Infrastructure, the flagship infrastructure engineering and construction company of the Shapoorji Pallonji (SP) Group.

This follows Pallon S Mistry, another next-generation family member, joining the Afcons board last month, signalling increased participation of the SP family’s younger generation in the company’s leadership.

Pallon Mistry is the son of Shapoor Mistry, who recently stepped down as Afcons chairman and was named Chairman Emeritus. Veteran banker Santosh Balachandran Nayar has also joined the Afcons board as an Independent Director, bringing over four decades of experience in project finance, banking, and insurance.

Krishnamurthy Subramanian, Executive Chairman of Afcons, said both Firoz and Pallon “have been engaged with the company for a long time” and will contribute fresh perspectives and insights through their diverse experience, international exposure, and understanding of the infrastructure business.

Subramanian added that “the active participation of the young Mistry family members alongside seasoned professionals will help propel Afcons toward a renewed growth trajectory.”

Firoz Mistry, 29, holds a liberal arts degree from Yale University and brings experience in strategic planning, governance frameworks, compliance, and risk oversight.

He currently serves on the boards of S C Finance and Investments, Cyrus Investments, and is a designated partner in CPM Nexgen Ventures LLP and Mistry Ventures LLP. His expertise includes building relationships with business partners, aligning diverse interests, and providing strategic guidance as Afcons continues to grow and expand.

Santosh Nayar has previously held senior positions including Deputy Managing Director & Group Executive (Corporate Banking) at State Bank of India, MD & CEO at IFCI Limited, and Chairman & MD at India Infrastructure Finance Company Limited. He currently serves as an independent director across several companies in the power, finance, and infrastructure sectors, and was nominated by the Prime Minister to the Dr. Kelkar Committee for developing PPP models in India.

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

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