Indian Billionaire And Co-Founder Of Essar Group Shashi Ruia, Aged 81, Has Passed Away
"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," said Ravi Ruia, Shashi's brother with whom he founded Essar Group, and family members
Shashi Ruia's journey started with brother Ravi Ruia when they founded Essar group in 1969 and bagged a Rs 2.5 crore order from the Madras Port Trust for the construction of an outer breakwater in the port
In the early years, Essar focused on the construction and engineering sector. It built a number of major infrastructure projects, including bridges, dams, and power plants
In the 1980s, Essar diversified into the energy sector, with the acquisition of a number of oil and gas assets
In the 1990s, Essar expanded its operations into the steel and telecommunications sectors. It built steel plants, an oil refinery and India's second largest telecom operator with Hutchison
It exited the telecom business, sold oil refinery to a consortium led by Russia's Rosneft and had to let go the steel plants to ArcelorMittal when insolvency proceedings were initiated to recover unpaid loans
In 2007, Ruia joined an elite list of achievers, which includes the likes of Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins and Richard Tarlow, who independently fund The Elders