Shashikant Ruia, the co-founder of Essar Group and a prominent figure in India’s business world, passed away on Tuesday at the age of 81.
“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,” Essar Group announced in a statement.
The Ruia family hailed his legacy as a beacon for future generations and pledged to uphold the values and vision he championed throughout his life.
Shashi Ruia, as he was widely known, co-founded Essar Group in 1969 with his brother, Ravi Ruia. Their journey began with a Rs 2.5 crore contract from the Madras Port Trust to construct an outer breakwater at the port. This project marked the beginning of a transformative era that saw Essar evolve into a global conglomerate.
Initially focused on construction and engineering, the group took on major infrastructure projects, such as bridges, dams and power plants. By the 1980s, Essar diversified into the energy sector, acquiring oil and gas assets.
The 1990s brought further expansion into steel and telecommunications. Essar developed steel plants, established an oil refinery and became a major player in India’s telecom industry through a partnership with Hutchison, creating the nation’s second-largest telecom operator.
In subsequent years, Essar sold its telecom business and divested its oil refinery to a consortium led by Russia’s Rosneft. Its steel plants were later acquired by ArcelorMittal following insolvency proceedings initiated to recover outstanding loans.
A Life Dedicated to Business and Industry
Shashi Ruia’s business acumen was evident from a young age. Eschewing opportunities to study abroad, he immersed himself in the family business, taking on significant responsibilities by the age of 17. His hands-on approach allowed him to gain deep insights into various industries, shaping his vision for Essar Group’s growth into a global enterprise.
He was actively involved in several key industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indo-US Joint Business Council. He also served as Chairman of the Indian National Shipowners Association (INSA) and participated in the Prime Minister’s Indo-US CEO Forum and the India-Japan Business Council.
In 2007, Ruia became an independent funder for The Elders, a global organisation addressing major challenges, joining an elite group alongside figures like Desmond Tutu, Kofi Annan and Jimmy Carter.
Under his leadership, Essar expanded across sectors such as energy, steel, shipping and telecommunications, establishing itself as a significant player both in India and globally. His innovative strategies and focus on partnerships left an indelible mark on the business landscape.
Tributes Pour In
Prime Minister Narendra Modi expressed his condolences on social media platform X, describing Shashi Ruia as a “colossal figure in the world of industry.” He said, “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.”
Gujarat Chief Minister Bhupendra Patel also paid tribute, saying, “Deeply saddened by the passing of Shri Shashikant Ruia Ji, co-founder of Essar Group and a visionary industrialist. His pioneering efforts, entrepreneurial spirit and unwavering dedication have contributed immensely in shaping India’s corporate landscape. He will always be remembered for his humility, warmth and commitment to community upliftment. His extraordinary legacy will continue to inspire future generations. My heartfelt condolences to his family, friends and the Essar family. Om Shanti.”
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