Essar Group co-founder, industrialist Shashikant Ruia dies at 80

Chairman and co-founder of Essar Group and billionaire Shashikant Ruia died on Monday at the age of 80 after a prolonged illness. 

Co-founding the group with his younger brother Ravi Ruia, he is credited with building a small construction company set up in 1969 into a conglomerate spanning infrastructure, energy, mining, telecom logistics and technology. The group today generates a revenue of $14 billion. 

“It is with profound grief that we inform of the passing of Shashikant Ruia, Patriarch of the Ruia and Essar Family. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader,” the Essar group said in a statement. 

The statement also said, “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 Essar Group and made it a global conglomerate.”

The modest start happened with the building of an outer breakwater for the Madras Port Trust. The construction assignments spread to bridges, dams and power plants. In the Eighties, the group acquired oil and gas assets, entering the energy sector.

In the nineties, it branched out to steel and telecommunications. Besides operating steel plants and oil refinery, its partnership with Hutchinson made India’s second largest telecom operator at the time. Subsequently, the group exited telecom and steel sectors following insolvency proceedings.

At the turn of the century, the group continued on its path of diversification, moving into mining, electricity, and shipping.

 Beyond his business interest, Ruia held several eminent positions in national and industry bodies. He was part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He also served as chairman of the Indo-US Joint Business Council, and was the former president of the Indian National Shipowners Association. He was a member of the Prime Minister’s Indo-US CEO Forum.

Prime Minister Narendra Modi said on X, “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.”

Ruia is survived by his wife, and sons Prashant and Anshuman who hold key positions in the group's business.

(With agency inputs)