Essar Group's cofounder Shashi Ruia passes away

MUMBAI: Shashi Ruia, cofounder of the metals-to-technology conglomerate Essar Group, passed away at the age of 81 in Mumbai late on Monday night.

Ruia, a first-generation entrepreneur, co-founded Essar with his younger brother Ravi Ruia in 1969. It was a maiden venture to build a breakwater project at the Chennai Port, a first for an Indian company, and since then Essar has delivered infrastructure construction projects across India's major ports.

In the following two decades the group moved into the energy sector, steel, power and telecommunications. It built one of India's largest telecom operator with Hutchison, a business that it later exited.


Under Ruia's stewardship, Essar withstood significant challenges - when insolvency proceedings were initiated to recover unpaid loans. It sold some of its assets to clear debts and reinvented itself. The group currently manages assets worth $9.6 billion across a string of energy, infrastructure, and technology ventures.

Prime Minister Narendra Modi wrote in a message on social media platform X: "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India. He also set high benchmarks for innovation and growth."