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Through the 1990s, Ruia brothers Ravikant and Shashikant were among a clutch of entrepreneurs who had ridden the early opportunities of economic liberalisation and rapidly expanded their balance-sheets to become conglomerates. Now, as the Ruias move out of Essar Oil following a mammoth $12.9-billion sale to Russian giant Rosneft last month and face insolvency proceedings for Essar Steel, the group has become a much leaner version of its 90s avatar.
From an oil-to-telecom giant, the group remains in power, shipping, oilfield services and financial services. But Prashant Ruia, 48, the older son of Shashikant Ruia, insists that the downsizing is
