Shashi Ruia, co-founder of Essar Group, passes away at 80

Shashi Ruia, co-founder and chairperson of Essar Group, passed away at 80. A visionary entrepreneur, Ruia transformed Essar into a global business giant spanning steel, energy, and telecommunications

Shashi Ruia, the co-founder and chairperson of the Essar Group, passed away on November 25 at the age of 80. A visionary industrialist, Ruia was instrumental in transforming Essar from a modest construction company into a global conglomerate with a diverse portfolio across steel, energy, telecommunications, and infrastructure.

Ruia, who had been undergoing treatment in the United States, returned to Mumbai about a month ago. He passed away late Sunday night at 11:55 pm, as confirmed by family sources. His mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday for prayers and tributes. The funeral procession will leave Ruia House at 4 pm, proceeding to the Hindu Crematorium at Worli.

Shashi Ruia began his career in 1965 under the mentorship of his father, Nand Kishore Ruia. In 1969, he and his younger brother Ravi established Essar Group in Chennai, starting with a project to construct an outer breakwater at Chennai Port. Over the decades, Essar grew into one of India’s leading conglomerates, diversifying into sectors such as oil refining, steel production, power, shipping, and telecommunications.

In the 1990s, Ruia steered Essar’s aggressive expansion into steel and telecom industries, laying the foundation for its global operations. By the 2000s, under his leadership, Essar entered newer domains such as mining, power generation, and shipping. In recent years, the group shifted focus towards sustainability, investing significantly in decarbonisation and green projects. Notably, in October 2023, Bloomberg reported that Essar had announced multi-billion-dollar investments in low-carbon initiatives, including a $4 billion steel plant in Saudi Arabia and a $2.4 billion project to decarbonise its UK refinery.

A first-generation entrepreneur, Ruia was actively involved in various national and international business forums. He served as the chairman of the Indo-US Joint Business Council, a former president of the Indian National Shipowners’ Association, and a member of the Prime Minister’s Indo-US CEO Forum. His contributions to the Indian business landscape were widely recognised.

The Essar Group, co-founded by the Ruia brothers, generates an annual revenue of $14 billion, as per the company’s website. Its monetisation efforts have raised over $40 billion through partnerships with global giants such as Vodafone and Rosneft.

Ruia is survived by his wife, Manju, and his two sons, Prashant and Anshuman, who hold key leadership positions in the group. A statement from Essar acknowledged his unparalleled contribution to the company’s growth and expressed condolences to the family.

Shashi Ruia’s passing marks the end of an era for Indian industry. His legacy as a pioneering industrialist and a visionary entrepreneur will continue to inspire future generations.

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