NE BUSINESS BUREAU
MUMBAI, NEW DELHI, NOV 26
Co-founder, chairman of Essar Group and Ruia family patriarch Shashikant Ruia has passed away at 81, the family said in an official statement on Tuesday.
Ruia died in Mumbai of prolonged illness at around 11.55 pm on November 25. He had returned from the US around a month back, where he was undergoing treatment, it added.
More commonly referred to as Shashi Ruia, he is survived by his wife Manju and two sons Prashant and Anshuman, their spouses, and four grandchildren..
“It is with profound grief that we inform 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,” an Essar Group statement said.
It also paid tribute to Ruia’s contributions to society, stating: “An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India’s corporate landscape. He laid the foundation of the EssarGroup and made it a global conglomerate. Shri. Shashikant Ruia’s extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed.”
Shashikant’s entrepreneurial journey began at the tender age of 17, when he joined the family business under the guidance of his father, Nand Kishore Ruia.
Shashi Ruia co-founded Essar Group in 1969 alongside his brother Ravi Ruia. Their first major project was a Rs 2.5 crore contract from Madras Port Trust to construct an outer breakwater at the port. This marked the beginning of a remarkable journey that transformed Essar Group into a global conglomerate.
Initially focused on construction and engineering, Essar Group took on significant infrastructure projects, including bridges, dams, and power plants. By the 1980s, the group had diversified into the energy sector, acquiring oil and gas assets.
The 1990s saw the group expanding further into steel and telecommunications. Essar developed steel plants and an oil refinery and became a major player in India’s telecom sector by establishing a partnership with Hutchison to create the country’s second-largest telecom operator.
Over time, Essar sold its telecom business and divested its oil refinery to a consortium led by Russia’s Rosneft. In a significant development, the group had to let go of its steel plants to ArcelorMittal following insolvency proceedings initiated to recover outstanding loans.
Shashi was also on several national bodies and industry associations. He was part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He was also the chairman of the Indo-US Joint Business Council and the former president of the Indian National Shipowners Association. He was also a member of the Prime Minister’s Indo-US CEO’s Forum and India – Japan Business Council.
Prime Minister condoles the passing away of Shashikant Ruia
Prime Minister Narendra Modi on Tuesday condoled the passing away of Shri Shashikant Ruia Ji, a colossal figure in the world of industry. Modi lauded him for setting high benchmarks for innovation and growth.
In a post on X, he wrote:
“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.”
