This year has been a rollercoaster for the Indian industry. From the lingering aftereffects of the pandemic to the supply shocks created by the Russo-Ukraine War, Indian businesses saw some pretty big shockwaves in 2022. The demise of several towering leaders of the industry this year left it shaken, too. From India’s “big bull” Rakesh Jhunjhunwala to former Tata Sons chairman Cyrus Mistry, here is a list of ten businessmen whom we lost this year.
Rakesh Jhunjhunwala
Veteran stock market investor Rakesh Jhunjhunwala, often referred to as India’s “Big Bull” and “Warren Buffet”, passed away on August 14. One of the richest men in the country, Jhunjhunwala’s demise left his newly launched airline Akasa Air’s future hanging in the balance. Companies, he had invested in, also saw their shares plunge into the red due to his death.
Cyrus Mistry
Cyrus Mistry, the former Chairman of Tata Sons, died on September 4 in a car accident in Maharashtra’s Palghar. He was 54. Mistry was travelling to Mumbai from Gujarat’s Udwada when the accident happened. Mistry’s death marked an end to the five-year-long legal battle regarding his removal from the chairmanship of Tata Sons. His sudden death was also a setback for the future of the Shapoorji Pallonji (SP) Group, of which he was the youngest scion.
Pallonji Mistry
Pallonji Mistry had passed away months before Cyrus, on June 28. He was the Chairman of one of India’s wealthiest conglomerates. The SP Group is the largest shareholder in the Tata Group, with an 18.37 per cent holding.
Jamshed Jiji Irani
JJ Irani, the former Managing Director of Tata Steel, died at the age of 86 in November. Called the Steel Man of India, Irani had 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 firm saw its turnover grow from Rs 7.2 crores to Rs 12,000 crores. He was one of the top 500 billionaires in the world and held many positions, such as the Chairman of Indian Airlines.
Vikram Kirloskar
The automobile world took another hit with the demise of Toyota Kirloskar Vice President Vikram Kirloskar on November 30. He was crucial in bringing Japan’s Toyota Motor Corp to India in the late 1990s. Vikram Kirloskar also cemented the partnership with the Toyota group and formed a significant automobile manufacturing industry in Karnataka.
Sunil Kanti Roy
SK Roy, the managing director of Kolkata-based conglomerate Peerless Group, died on May 9, aged 78. The group’s major verticals include real estate, healthcare, hospitality, and financial services. In the next three years, the group is planning to take its turnover to around Rs 1,000 crore.
Tulsi Tanti
The founder of Suzlon Energy, Tulsi Tanti, was one of the pioneers of renewable energy in India. His demise on October 1 put Suzlon Energy, which has recently restructured its debt, in a difficult position. Tulsi was the driving force behind the restructuring process, which revitalised the company.
VG Nair
Export-oriented neutraceuticals company Sami-Sabinsa CEO VG Nair passed away on July 6. Nair played a crucial role in establishing a consistent supply chain, manufacturing, and exports for Sabinsa. About 95 per cent of Sabinsa’s revenue comes from export.
Soshil Kumar Jain
Soshil Kumar Jain, the founder of Panacea Biotec (previously Panacea Drugs), passed away on October 7, aged 89. Panacea Biotec is one of the leading vaccine manufacturing firms in India.
Areez Khambatta
Areez Khambatta, the founder and Chairman of Rasna Group, died at the age of 85 on November 19. He is credited for creating India’s original startup by many. Under his leadership, Rasna gave tough competition to the likes of Coca-Cola Pepsi for quite a while.
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