Mumbai, Oct 24 (IANS): Business magnate Cyrus P. Mistry on Wednesday announced the launch of a new global enterprise, Mistry Ventures LLP, to provide strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to startups in India and worldwide.

It will bring in Ashish Iyer, Senior Partner and formerly Global Leader, Strategy Practice at the Boston Consulting Group, to head the new firm, a statement said.

The development comes exactly two years after Mistry, 52 was ousted as the Chairman of Tata Sons on October 24, 2016 in one of the most closely followed corporate wars in recent times. The Irish-born Mistry had been appointed in 2012.

Outlining his vision for the new venture, Mistry said: "The intent to deliver profit with positive socialAimpact will be embedded in each of the ventures we promote or partner with."

On Iyer, he said: "Ashish has worked with companies across sectors globally and brings deep expertise across domains and capabilities such as Strategy, Go-To-Market, Digital Innovation, amongst others, and I am very excited to have him on board."

He said Mistry Ventures will do more than just invest in companies. By interpreting some of the major global and local trends and understanding their impact on industries and companies, it would incubate new businesses, forge partnerships and make investments across sectors.

"Mistry Ventures will focus on providing mentorship and infusing unique capability sets to help startups craft the appropriate business experiments needed to validate, scale and bring products and services faster to the market", Mistry added.

Mistry Ventures LLP is jointly promoted by Shapoor Mistry and Cyrus Mistry of the venerable Shapoorji Pallonji Group, a globally diversified conglomerate with a history of over 150 years, operating in engineering, construction, infrastructure, realty, water, energy and financial services sectors with a presence in over 60 countries.