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.
Summary/Static Details
Why in the news? Essar Group Chairman Shashi Ruia Passes Away
Role Co-founder and Chairman of Essar Group
Key Contributions – Established India’s first Independent Power Producer in 1991.

– Pioneered mobile telephony services in India.

– Diversified Essar into energy, telecom, steel, and infrastructure sectors.

Global Presence Essar’s portfolio generates $14 billion annually and spans over 50 global assets.
Recognition – Member of FICCI, Indo-US Joint Business Council, and Indian National Shipowners Association.

– Funded The Elders initiative tackling global challenges.

Legacy – Visionary leader transforming India’s corporate landscape.

– Remembered for philanthropy and innovative leadership.

Shivam

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