Essar Group co-founder Shashi Ruia passes away at 81

Shashi Ruia, co-founder of the Essar Group, passed away on November 25, 2024, at the age of 81 after a prolonged illness. A first-generation entrepreneur, Ruia, along with his brother Ravi Ruia, established Essar in 1969, growing it into a global conglomerate with operations across energy, infrastructure, metals, and technology.

Ruia began his career in 1965 under the guidance of his father, Nand Kishore Ruia. Essar's first major breakthrough came in 1969 when it secured a Rs 2.3 crore contract to construct the outer breakwater for Chennai Port. Over the years, the group diversified into various sectors, including steel, shipping, oil refining, and power generation. In 1991, Essar became India’s first independent power producer by commissioning a 515 MW gas-based plant in Hazira, Gujarat.

Essar's expansion included pioneering ventures such as setting up one of India’s first private mobile telecom services during the liberalization of the telecom sector and establishing large-scale oil refining and steel manufacturing facilities. The group monetized significant assets over time, including the sale of Essar Oil to a consortium led by Rosneft for $12.9 billion and the transfer of Essar Steel to ArcelorMittal in a $6 billion deal following financial challenges.

Essar Global Fund Limited (EGFL), the investment arm managing the group’s businesses, oversees a portfolio of over 50 assets globally, generating $14 billion in annual revenues. The group has collaborated with major global players like Vodafone, Brookfield, and Trafigura, raising over $40 billion through monetization while adhering to stringent international standards in corporate governance and environmental protection.

Shashi Ruia was a prominent figure in Indian industry associations and international business councils. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and chaired the Indo-US Joint Business Council. He was also a 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.

Prime Minister Narendra Modi expressed condolences, describing Ruia as a "colossal figure in the world of industry." The funeral will take place on November 26, with prayers at Ruia House from 1 to 3 PM, followed by a procession to Banganga Crematorium at 4 PM.