Essar Group Chairman Shashi Ruia Passes Away

ShashikantRuia, co-founder and Chairman of Essar Group, passed away at 81 after a prolonged illness. Known for his visionary leadership, Ruia played a pivotal role in shaping India’s corporate landscape and making Essar a global conglomerate. His journey from a modest family business to establishing a world-class enterprise is a testament to his exceptional acumen, commitment to innovation, and dedication to philanthropy.

·         Born into the Ruia family business in 1965 under his father Nand Kishore Ruia’s guidance.Co-founded Essar with his brother Ravi Ruia andRenowned for his humility, warmth, and ability to connect with people.

Major Contributions

·         Laid the foundation of Essar Group, diversifying into energy, metals, infrastructure, and technology; Won Essar’s first major contract in 1969 for Chennai Port’s outer breakwater worth ₹2.3 crore; Established India’s first Independent Power Producer in 1991 with a 515 MW power plant at Hazira ;Essar’s ventures spanned telecom, BPO, steel, oil, and gas sectors ; Pioneered mobile telephony services during India’s telecom privatization.Essar Steel India Ltd faced financial difficulties, leading to its acquisition by ArcelorMittal in 2019.;Essar Oil was sold for $12.9 billion to a consortium led by Rosneft and rebranded as Nayara Energy; Despite setbacks, Essar evolved into a global entity generating $14 billion in revenues.

Global and National Recognition

·         Held prominent roles in industry associations like FICCI, the Indo-US Joint Business Council, and the Indian National Shipowners Association.Member of the PM’s Indo-US CEO Forum and India-Japan Business Council.In 2007, joined a select group of global achievers funding The Elders to address complex global challenges.Recognized for his commitment to philanthropy and community upliftment.Left an indelible mark on India’s industrial and business landscape and Remembered as a visionary leader by peers and leaders, including PM Narendra Modi