This year also saw the demise of several stalwarts of the industry. (Credits: Reuters)
From India’s “Big Bull” Rakesh Jhunjhunwala to former Tata Sons chairman Cyrus Mistry, here’s a list of ten businessmen we lost this year.
This year has been full of ups and downs for the Indian industry. From the long-lasting effects of the pandemic to supply shocks created by the Russo-Ukraine war, Indian businesses are set to see some pretty major shocks in 2022. It was also shaken by the passing away of several stalwarts of the industry this year. From India’s “Big Bull” Rakesh Jhunjhunwala to former Tata Sons chairman Cyrus Mistry, here’s a list of ten businessmen we lost this year.
Rakesh Jhunjhunwala
Veteran stock market investor Rakesh Jhunjhunwala, often referred to as India’s “Big Bull” and “Warren Buffett”, passed away on 14 August. balance. The shares of the companies in which he had invested also went into losses due to his death.
Cyrus Mistry
Cyrus Mistry, former chairman of Tata Sons, died in a car accident on 4 September in Palghar, Maharashtra. He was 54 years old. Mistry was on his way to Mumbai from Udvada in Gujarat at the time of the accident. Mistry’s death brought an end to a five-year-long legal battle over his removal as the chairman of Tata Sons. His sudden death was also a blow to the future of the Shapoorji Palanji (SP) group, of which he was the youngest scion.
Palanji Mistry
Pallonji Mistry had passed away on June 28, a few months before Cyrus. He was the chairman of one of the richest conglomerates in India. The SP Group is the largest shareholder in the Tata Group, with 18.37 per cent stake.
Jamshed Jiji Irani
JJ Irani, former managing director of Tata Steel, passed away at the age of 86 in November. Known as the Man of Steel of India, Irani focused on making Tata Steel a low-cost, high-quality steel producer that could compete in the international market.
Rahul Bajaj
Rahul Bajaj, who served as the chairman of the Bajaj Group for over four decades, passed away on February 12. During his tenure, the company’s turnover grew from Rs 7.2 crore to Rs 12,000 crore. He was one of the top 500 billionaires in the world and held various positions like the chairman of Indian Airlines.
Vikram Kirloskar
On November 30, the automobile world suffered another blow with the death of Vikram Kirloskar, Vice President of Toyota Kirloskar. He was instrumental in bringing Toyota Motor Corp of Japan to India in the late 1990s. Vikram Kirloskar also strengthened the partnership with the Toyota Group and formed a significant automobile manufacturing industry in Karnataka.
Sunil Kanti Rai
Kolkata-based conglomerate Peerless Group’s Managing Director SK Roy passed away on May 9 at the age of 78. The group’s key verticals include real estate, healthcare, hospitality and financial services. In the next three years, the group plans to take its turnover to around Rs 1,000 crore.
Tulsi Tanti
Tulsi Tanti, the founder of Suzlon Energy, was one of the pioneers of renewable energy in India. His demise on October 1 has put Suzlon Energy, which recently restructured its debt, in a tight spot. Tulsi was the driving force behind the restructuring process, which revived the company.
VG Nair
VG Nair, CEO of export-oriented nutraceuticals company Sami-Sabinsa, passed away on July 6. Nair was instrumental in setting up a sustainable supply chain, manufacturing and exporting for Sabinsa. About 95 per cent of Sabinsa’s revenue comes from exports.
Social Kumar Jain
Soshil Kumar Jain, founder of Panacea Biotec (earlier Panacea Drugs), passed away at the age of 89 on 7 October. Panacea Biotec is one of the leading vaccine manufacturing firms in India.
Ariz Khambatta
Ariz Khambatta, founder and chairman of Rasna Group, passed away at the age of 85 on 19 November. He is credited by many with creating the original startup of India. Under his leadership, Rasna gave tough competition to the likes of Coca-Cola and Pepsi for quite some time.
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