NEW DELHI: Shashi Ruia, co-founder of the Essar Group, passed away on November 25, 2024, at the age of 80. Ruia began his career in 1965 under the guidance of his father, Nand Kishore Ruia, and, together with his brother, laid the foundation of Essar.
Essar Global Fund Ltd, which owns the businesses co-founded by the Ruia brothers, holds a diverse portfolio of assets across sectors such as infrastructure, energy, metals and mining, technology, and services.
According to Essar Group’s website, the fund’s portfolio companies generate aggregate revenues of $14 billion. Essar’s portfolio businesses in the telecom, BPO, and oil and gas sectors have attracted more than $40 billion in monetization proceeds from global majors, including Vodafone, Brookfield, Rosneft, and Trafigura, the website stated.
Prime Minister Narendra Modi expressed his condolences on social media, calling Shashi Ruia a "colossal figure in the world of industry" and describing his demise as deeply saddening.
“Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business 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,” Modi wrote in a post on X.
In a statement, Essar Group said that Ruia played a pivotal role in redefining India's corporate landscape. Shashi Ruia laid the foundation of Essar Group and transformed it into a global conglomerate. “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,” it added