Firoz Mistry joins board of SP Group’s flagship Afcons

The SP group’s flagship infrastructure engineering and construction firm, Afcons Infrastructure, has appointed Firoz Cyrus Mistry and veteran banker Santosh Balachandran Nayar to its board, deepening next-generation participation from the Shapoorji Pallonji family and adding long experience in project finance.

The company announced the inductions on Thursday, 25 September, and described them as steps that “mark their passionate involvement in shaping Afcons’ future.”

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

The move follows last month’s board induction of Pallon S. Mistry, son of Chairman Emeritus Shapoorji Mistry, as part of a broader succession transition in which Subramanian took over as Executive Chairman and Shapoorji Mistry became Chairman Emeritus.

Firoz Mistry, 29, is the elder son of the late Cyrus Mistry.

Afcons said Mistry brings a forward-looking perspective grounded in the group’s values and a broad educational background.

Nayar, meanwhile, has held senior roles as Chairman and Managing Director of India Infrastructure Finance Co. Ltd (IIFCL), Managing Director and CEO of IFCI Ltd, and Deputy Managing Director and Group Executive for Corporate Banking at State Bank of India. He also serves on several company boards.

Afcons underlined the strategic intent behind bringing in both directors, saying the blend of next-gen family engagement and seasoned financial oversight would reinforce the company’s evolution and growth trajectory.

“Both Firoz and Pallon have been engaged with the company since a long time, in thoughtful and decisive engagements with fresh perspectives and exposure to the latest thinking and capacities,” Subramanian said in the statement, adding that their “international exposure and the unique combination of strategic and operational thinking will act as a strong reinforcement of Afcons’ evolution journey.”

Afcons executes technologically complex EPC projects in India and overseas and is cited among leading bridge and marine contractors globally.

Today’s appointments continue a busy governance calendar for Afcons this quarter and underscore the SP Group’s effort to formalize long-term leadership at its infrastructure business.

Afcons said Firoz Mistry has joined as a non-executive director and Nayar as an independent director.

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