Essar Group Chairman Shashi Ruia Passes Away

Shashikant Ruia, 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.

Key Highlights

Personal and Early Career

• Born into the Ruia family business in 1965 under his father Nand Kishore Ruia’s guidance.
• Co-founded Essar with his brother Ravi Ruia.
• Renowned 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.

Challenges and Milestones

• 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.

Legacy

• Recognized for his commitment to philanthropy and community upliftment.
• Left an indelible mark on India’s industrial and business landscape.
• Remembered as a visionary leader by peers and leaders, including PM Narendra Modi.