Shashi Ruia, the co-founder of Essar Group, passed away at the age of 81. Essar confirmed the news via its official social media, expressing deep sorrow over his passing. The company hailed Ruia as a visionary leader who transformed India’s corporate landscape and played a pivotal role in building Essar into a global conglomerate.
In a tribute, Essar described him as a “patriarch” of the Ruia and Essar families, highlighting his commitment to community welfare, philanthropy, and his lasting impact on millions of lives. “His humility, warmth, and leadership made him an exceptional figure,” the post read.
Prime Minister Narendra Modi also offered condolences, calling Ruia a “colossal figure” in the industrial world. Modi praised his leadership and commitment to innovation and growth, noting that Ruia was always focused on ideas to improve the nation. He expressed his deepest sympathy to the Ruia family and their loved ones.
Shashi Ruia, along with his brother Ravi Ruia, founded Essar Group in 1969. A first-generation entrepreneur, he was instrumental in the company’s growth and diversification into sectors like energy, metals, infrastructure, and technology. Under his leadership, Essar evolved into a $14 billion global conglomerate.
Today, Essar Global Fund Limited (EGFL) oversees a diverse portfolio across multiple industries, with assets generating substantial global revenues.
