Last updated on December 23rd, 2024 at 03:45 pm
Shashi Ruia, co-founder of Essar Group, passed away on November 26, 2024, at the age of 81. A first-generation entrepreneur, Ruia was a prominent figure in India’s industrial landscape. His efforts, alongside his brother Ravi Ruia, turned Essar Group into a global business powerhouse.
In an official statement, the Ruia family expressed their sorrow. “It is with profound grief that we inform you 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,” the family said.
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.
— Essar (@Essar) November 26, 2024
With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility,… pic.twitter.com/g2RvI4MEST
Prime Minister Modi Pays Tribute
Prime Minister Narendra Modi also shared his condolences, calling Ruia a “towering figure” in Indian industry. On the social media platform X (formerly Twitter), he wrote, “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 set high benchmarks for innovation and growth. Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones. Om Shanti.”
A Legacy of Business Excellence
Shashi Ruia started his journey in 1965 under the guidance of his father, Nand Kishore Ruia. Together with his brother Ravi, he laid the foundation of Essar Group. The company initially focused on construction and engineering, completing projects like bridges, dams, and power plants. By the 1980s, Essar expanded into the energy sector, acquiring oil and gas assets.
In the 1990s, the group ventured into steel and telecommunications, establishing steel plants and India’s second-largest telecom operator in partnership with Hutchison. Over the years, Essar also built an oil refinery, which later became one of India’s largest.
However, the company faced challenges. It exited the telecom sector, sold its oil refinery to a consortium led by Russia’s Rosneft, and handed over its steel plants to ArcelorMittal during insolvency proceedings. Despite these hurdles, Essar Group, through its holding company Essar Global Fund Ltd, continues to manage assets across infrastructure, energy, metals, technology, and services. Its portfolio companies generate $14 billion in annual revenue.
Global Recognition and Contributions
Ruia held several prominent roles in industry organizations. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and chaired the Indo-US Joint Business Council. He was also a member of the Prime Minister’s Indo-US CEO Forum and the India-Japan Business Council.
In 2007, he joined an elite group of global achievers who funded The Elders, a collective of leaders like Desmond Tutu and Kofi Annan, working on global challenges.
A Leader Remembered
Ruia’s contribution went beyond business. Known for his philanthropy and dedication to community upliftment, he touched many lives. His family described him as a visionary whose leadership will inspire future generations.
Shashi Ruia’s extraordinary journey leaves behind a legacy of resilience, innovation, and commitment to growth. As India mourns his loss, his contributions to the nation’s industrial growth will be remembered for years to come.
