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Shashikant Ruia, the 81-year-old Indian billionaire who co-established Essar Group, has passed away.
The Ruia brothers, Shashikant and Ravi Ruia, started their business venture in 1969 when they established Essar group, securing their first contract worth Rs 2.5 crore from the Madras Port Trust to construct an outer breakwater.
The family's official statement noted that Shashikant Ruia's remarkable heritage would continue to inspire, as they maintain his principles and fulfil his aspirations.
Initially, Essar concentrated on construction and engineering projects, developing significant infrastructure including bridges, dams, and power facilities.
The company expanded its operations in the 1980s, entering the energy sector through various oil and gas acquisitions.
During the 1990s, Essar diversified into steel and telecommunications industries.
The company established steel manufacturing facilities and an oil refinery, while also creating India's second-largest telecom venture with Hutchison. Subsequently, they divested their telecommunications interests, sold their refinery to a Rosneft-led consortium, and relinquished control of steel facilities to ArcelorMittal following insolvency proceedings due to outstanding loans.
Ruia chose to remain with the Group rather than pursue studies overseas, focusing on contributing to the company's growth. His professional journey began with attending meetings and observing operations across various departments. By age 17, he had assumed significant responsibilities within the Group.
His involvement extended to prominent national organisations and industry groups. Ruia served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), a leading Indian business association.
Additionally, he chaired the Indo-US Joint Business Council and previously led the Indian National Shipowners Association (INSA). He also participated in the PM's Indo-US CEO's Forum and India-Japan Business Council.