Essar Group Co-Founder Shashikant Ruia Passes Away at 81

Indian billionaire and co-founder of the Essar Group, Shashikant Ruia, passed away on Tuesday at the age of 81. The Ruia family and the Essar Group expressed their profound grief over his demise, remembering him as a visionary leader who touched countless lives.

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"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," Essar Group said in a statement.

Shashi Ruia’s business journey was one of resilience and innovation. Together with his brother Ravi Ruia, he co-founded Essar Group in 1969, embarking on a transformative journey that began with a ₹2.5 crore contract to construct an outer breakwater at Madras Port. This marked the foundation of Essar’s evolution into a global conglomerate spanning multiple sectors, including steel, oil refining, exploration, telecom, and infrastructure.

Shashi Ruia’s Legacy

His career began under the mentorship of his father, Nand Kishore Ruia, in 1965. Choosing practical experience over formal overseas education, he immersed himself in the family business from a young age. By 17, he was entrusted with significant responsibilities, showcasing a hands-on approach that would define his leadership style.

Essar initially focused on construction and engineering, undertaking significant infrastructure projects such as bridges and power plants. By the 1980s, under Shashi Ruia’s guidance, the company expanded into energy, acquiring oil and gas assets. The 1990s marked further diversification, with ventures into steel and telecommunications, including a partnership with Hutchison to establish India’s second-largest telecom operator.

Beyond his corporate achievements, Shashi Ruia was a respected figure in global business circles. He served on key industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI) and 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 independent funders for The Elders, a global initiative addressing pressing international issues.

Essar Group

The Essar Group diversified into multiple sectors, including energy, steel, shipping, and telecommunications. Shashi Ruia’s innovative strategies and emphasis on forging global partnerships established Essar as a prominent player in both Indian and international markets.

Essar Global Fund Ltd, which manages the businesses co-founded by the Ruia brothers, oversees a diverse portfolio spanning infrastructure, energy, metals and mining, technology, and services. According to the company’s website, these businesses collectively generate annual revenues of $14 billion.

Essar’s portfolio businesses in telecom, BPO, and oil and gas have collectively generated over $40 billion in monetization proceeds through deals with global giants like Vodafone, Brookfield, Rosneft, and Trafigura, according to the company’s website.

Shashi Ruia’s passing marks the end of an era, but his legacy of vision, innovation, and commitment to philanthropy will continue to inspire future generations. As the Essar Group moves forward, it carries with it the values and vision of a leader who shaped not just a company but an entire industry.