Essar Group co-founder Shashikant Ruia passed away at the age of 81 after a prolonged illness. According to family sources, Ruia died in Mumbai at 11:55 pm on November 25. He is survived by his wife Manju and two sons Prashant and Anshuman.
Alongside his brother Ravi, he built Essar into a diversified business empire that became a significant player in several industries globally. Ruia had returned from the US, where he was undergoing treatment, about a month back. His mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday. The funeral procession will leave from Ruia House at 4 pm towards the Hindu Worli Crematorium.
Ruia, a first-generation entrepreneur industrialist, started his career in 1965 under the guidance of his father Nand Kishore Ruia. He, along with his brother Ravi, laid the foundation of Essar in 1969 by constructing an outer breakwater at Chennai Port. The group expanded into various sectors, including steel, oil refining, exploration and production, telecom, power, and construction.
PM Modi offers condolences
Meanwhile, Prime Minister Narendra Modi expressed his condolences on Ruia's demise and termed him a "colossal figure in the world of industry." "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. He was always full of ideas, always discussing how we can make our country better," he wrote on X.
"Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti." the PM added.
Who was Shashikant Ruia?
Shashikant Ruia was a prominent Indian businessman, best known as one of the co-founders and the former chairman of Essar Group, one of India's largest conglomerates with interests in sectors such as steel, oil, power, telecommunications, and infrastructure. His business acumen and leadership transformed Essar from a small trading company into a multinational conglomerate.
Ruia’s career and achievements
Shashikant Ruia’s most notable achievement was the co-founding of Essar Group along with his brother, Ravi Ruia, in 1969. The Essar Group started as a small trading company in Mumbai, primarily focused on steel. Over the years, the company expanded its operations into several sectors, including energy, oil and gas, telecommunications, and infrastructure, making it one of the most significant business conglomerates in India.
By the 1980s, Essar diversified into energy, acquiring key oil and gas assets. The 1990s saw further expansion into steel and telecommunications, including the establishment of Essar Steel, one of India's largest steel producers, and Essar Telecom, which later became a part of the country's telecommunications revolution.
(With inputs from PTI)
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