One of India's great heirs and entrepreneurs has died young.

Cyrus Mistry, who led the subcontinent's most important conglomerate until 2016, died in a car accident near the economic metropolis of Bombay (Mumbai) on Sunday afternoon.

A friend died with him, while the driver and her husband survived the accident in their Mercedes.

Prime Minister Narendra Modi spoke of a "great loss for trade and industry" with regard to Cyrus Mistry.

Christopher Hein

Business correspondent for South Asia/Pacific based in Singapore.

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Just a few weeks ago, the Mistry family lost their 93-year-old patriarch, Pallonji, who had assets of around $29 billion.

The Shapoorji Pallonji Group was founded in 1865 and developed infrastructure and numerous structures in India.

The billionaires became known beyond India because they fought a bitter feud with the Tata group in recent years: the Tata family also belongs to the Parsi faith community.

In addition, both clans are connected through marriages.

Cyrus Mistry, hand-picked by the last Tata CEO Ratan Tata as his successor, was only four years at the helm of the huge corporation - then Ratan Tata himself and very ugly kicked him out again.

And this despite the fact that the Mistry family, as the largest single shareholder, holds 18.5 percent of the group holding company Tata Sons.

The expulsion was followed by a public mud fight in court, which Cyrus Mistry finally lost last year.

This also practically prohibited him from parting with a block of shares in Tata worth around 30 billion dollars.

Together with his older brother Shapoor, the father of two children was involved in the infrastructure developer SP Group.

The brothers also founded the venture capitalist Mistry Ventures.