Shashi Ruia, Essar group co-founder, dies at 81

Indian billionaire and co-founder of Essar Group Shashi Ruia, aged 81, has passed away.

"It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader," said Ravi Ruia, Shashi's brother with whom he founded Essar Group, and family members.

Shashikant Ruia's extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed, official statement of the family on Ruia's demise said.




Shashi Ruia

Shashi Ruia's journey started with brother Ravi Ruia when they founded Essar group in 1969 and bagged a Rs 2.5 crore order from the Madras Port Trust for the construction of an outer breakwater in the port.

In the early years, Essar focused on the construction and engineering sector. It built a number of major infrastructure projects, including bridges, dams, and power plants. In the 1980s, Essar diversified into the energy sector, with the acquisition of a number of oil and gas assets.

Read More: How teenager Shashi Ruia rejected study abroad offer, built an empire across 35 nations over five decades

In the 1990s, Essar expanded its operations into the steel and telecommunications sectors. It built steel plants, an oil refinery and India's second largest telecom operator with Hutchison. It exited the telecom business, sold oil refinery to a consortium led by Russia's Rosneft and had to let go the steel plants to ArcelorMittal when insolvency proceedings were initiated to recover unpaid loans.

Ruia said he even passed an opportunity to study abroad, opting instead to continue working within the Group and contribute to growing business. His stint started with participating in meetings, listening and understanding, moving from one department to another to observe the dynamics of business, and by 17, Ruia was given responsibility at the Group.

Ruia was on several important national bodies and industry associations. He was on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), an apex body of India’s trade and business associations. He has also been the Chairman of the prestigious Indo-US Joint Business Council and is a former president of the Indian National Shipowners Association (lNSA). Ruia was also a member of the PM’s Indo-US CEO’s Forum and India – Japan Business Council

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In 2007, Ruia joined an elite list of achievers, which includes the likes of Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins and Richard Tarlow, who independently fund The Elders. The Elders is a group of world renowned personalities, comprising Desmond Tutu, Graça Machel, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson and Muhammad Yunus, who have joined hands to tackle the world’s most difficult problems.