Shashi Ruia, an Indian billionaire and co-founder of the Essar Group, dies at the age of 81

Shashi Ruia, co-founder of the Essar Group and a notable Indian billionaire, died on Tuesday, November 26, at the age of 81.
"It is with great sadness that we notify you of the death of Shri Shashikant Ruia, patriarch of the Ruia and Essar families. He was 81. With an uncompromising devotion to community upliftment and philanthropy, he touched millions of people and left an indelible mark. His humility, sincerity, and ability to connect with everyone he met distinguished him as a really great leader," according to an official message from the Ruia and Essar families.
 
Prime Minister Narendra Modi described Ruia as a 'towering figure' and sent his sympathies to his family and loved ones during this trying period. "Shri Shashikant Ruia Ji was a titan in industry. His imaginative leadership and relentless dedication to excellence changed the commercial environment in India. He also set ambitious goals for innovation and growth. He was constantly full of ideas about how to improve our country. Shashi Ji's death is very saddening. In this difficult time, I extend my heartfelt condolences to his family and loved ones. Om Shanti," the Prime Minister tweeted on the social media platform X (previously Twitter).

The Life and Legacy of Shashi Ruia

Shashi Ruia, a first-generation entrepreneur and industrialist, began his adventure in 1965, guided by his father, Nand Kishore Ruia. He co-founded Essar with his brother Ravi and was instrumental in developing the company's strategy, growth and expansion.

Ruia held various high-level positions in national and business institutions. He was a member of the FICCI's governing committee and chaired the Indo-US Joint Business Council. He was also a previous president of the Indian National Shipowners Association and a member of the Prime Minister's Indo-US CEO Forum and India-Japan Business Councils.

In 2007, he joined an elite group of global achievers that includes Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins, and Richard Tarlow, who independently fund The Elders. This renowned organization, which includes Desmond Tutu, Graça Machel, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson, and Muhammad Yunus, collaborates to address the world's most serious issues.

Essar Global Fund Ltd, which supervises the Ruia brothers' enterprises, manages assets in infrastructure, energy, metals and mining, technology, and services. According to the Essar Group's website, these portfolio companies generate a total revenue of $14 billion.

In the 1990s, Essar entered the steel and telecoms industries, creating steel factories, an oil refinery, and India's second-largest telecom operator in partnership with Hutchison. However, the business later departed the telecom industry, sold its oil refinery to a consortium led by Russia's Rosneft, and handed up management of its steel mills to ArcelorMittal during insolvency proceedings to recover outstanding debt.

In its early years, Essar concentrated on building and engineering, completing major infrastructure projects like bridges, dams, and power plants. By the 1980s, the corporation had expanded into the energy industry, acquiring oil and gas holdings.