Indian billionaire and Essar Group co-founder Shashi Ruia passes away at 81

Shashi Ruia, who co-founded the Essar Group along with his brother Ravi Ruia, is credited for expanding the company's global footprint

Shashi Ruia, co-founder of the Essar Group and a prominent Indian billionaire, passed away on Tuesday, November 26, at the age of 81.

 

“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,” stated an official message from the Ruia and Essar family.  Prime Minister Narendra Modi called Ruia a 'towering figure' and extended his condolences to Ruia's family and loved ones during this difficult time. "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the businesses landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, always discussing how we can make our country better. Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti," the PM wrote on social media platform X (formerly Twitter).

 

The life and legacy of Shashi Ruia 

A first-generation entrepreneur and industrialist, Shashi Ruia began his journey in 1965 under the guidance of his father, Nand Kishore Ruia. Alongside his brother Ravi, he established Essar and played a key role in crafting its strategy, growth, and diversification.

 

Ruia held several prominent positions in national and industry organisations. He was part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and served as chairman of the Indo-US Joint Business Council. He was also the former president of the Indian National Shipowners Association and 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, including Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins, and Richard Tarlow, who independently fund The Elders. This renowned group, featuring figures like Desmond Tutu, Graça Machel, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson, and Muhammad Yunus, works collectively to address the world’s most pressing challenges.

 

Essar Global Fund Ltd, which oversees the businesses co-founded by the Ruia brothers, manages assets across sectors such as infrastructure, energy, metals and mining, technology, and services. According to the Essar Group’s website, these portfolio companies generate combined revenues of $14 billion.

 

In the 1990s, Essar ventured into steel and telecommunications, establishing steel plants, an oil refinery, and India’s second-largest telecom operator in collaboration with Hutchison. However, the group later exited the telecom sector, sold its oil refinery to a consortium led by Russia’s Rosneft, and ceded control of its steel plants to ArcelorMittal during insolvency proceedings to recover outstanding debts.

 

In its early days, Essar focused on construction and engineering, completing significant infrastructure projects such as bridges, dams, and power plants. By the 1980s, the company had diversified into the energy sector with the acquisition of oil and gas assets.