Shashi Ruia, a pioneering Indian billionaire and co-founder of the Essar Group, passed away on Tuesday, 25th November, at the age of 81. The Ruia and Essar family shared a heartfelt message announcing his demise:
“It is with profound grief that we inform you 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.”
Tributes from across the nation
Prime Minister Narendra Modi expressed his condolences, calling Ruia a “towering figure” in Indian industry. “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,” Modi wrote on X (formerly Twitter).
Other industrialists, political leaders, and members of the global business community also paid tribute to Ruia’s legacy, highlighting his role in shaping India’s economic and industrial fabric.
The life and legacy of Shashi Ruia
Born into a family of entrepreneurs, Shashi Ruia began his career in 1965 under the guidance of his father, Nand Kishore Ruia. Together with his brother, Ravi, he co-founded the Essar Group. Over the decades, Ruia’s visionary leadership transformed Essar into a global conglomerate spanning infrastructure, energy, metals, mining, and services.
Ruia’s ability to adapt to changing business environments allowed the Essar Group to diversify and grow substantially. In its formative years, the company was known for completing key infrastructure projects, such as bridges, dams, and power plants. By the 1980s, Essar entered the energy sector, acquiring oil and gas assets that would form the backbone of its future growth.
In the 1990s, Ruia led Essar into steel manufacturing and telecommunications, marking the group’s foray into sectors critical to India’s development. The steel plants and oil refinery established during this period became flagship assets for the group. Essar also created India’s second-largest telecom operator in partnership with Hutchison, which later evolved into Vodafone India.
Despite facing challenges, including the sale of its telecom and oil refinery businesses and ceding control of its steel plants during insolvency proceedings, Ruia’s strategic vision ensured that Essar remained a key player in India’s industrial sector. Today, Essar Global Fund Ltd oversees assets with combined revenues of $14 billion, a testament to Ruia’s enduring legacy.
Leadership beyond business
Ruia held influential roles in various national and international organisations. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and chaired the Indo-US Joint Business Council. Additionally, he was a former president of the Indian National Shipowners Association and an active member of high-profile forums such as the Prime Minister’s Indo-US CEO Forum and the India-Japan Business Council.
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In 2007, Ruia joined an esteemed group of global changemakers as a supporter of The Elders, a collective founded by Nelson Mandela. This group, which included figures like Desmond Tutu and Kofi Annan, worked to address global challenges such as conflict resolution and climate change.
A lasting impact
Shashi Ruia’s leadership extended beyond the corporate sphere, reflecting his commitment to community upliftment and philanthropy. Known for his humility and warmth, he inspired countless individuals and played a pivotal role in fostering innovation and economic growth in India.
As the nation mourns the loss of a trailblazing entrepreneur, Ruia’s contributions to India’s industrial and economic development will be remembered for generations to come. His vision, determination, and generosity have left an indelible mark on the world.
Shashi Ruia is survived by his family and an unparalleled legacy in Indian industry.
