Essar Group Co-founder, Shashi Ruia, passes away

Shashi Ruia, the co-founder of Essar Group and an Indian billionaire, passed away at the age of 81 on November 25.

A first-generation entrepreneur, Ruia began his career in 1965 under the mentorship of his father, Nand Kishore Ruia. Alongside his brother, Ravi, he laid the foundation of Essar Group, crafting its business strategy, growth trajectory, and diversification.

Ruia was an active participant in various national bodies and industry associations. 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. He was also the president of the Indian National Shipowners Association and a member of the Prime Minister's Indo-US CEO's Forum and the India-Japan Business Council.

In a statement, Essar Group lauded Shashi Ruia’s contributions to India’s corporate evolution, describing his journey as transformative in building the conglomerate into a global player. "Shashikant Ruia’s extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values he cherished and championed," the group remarked.

Prime Minister Narendra Modi also expressed his condolences, calling Ruia a "Colossal figure in the world of industry" in a post on X. Modi praised Ruia’s leadership and dedication to innovation, noting that he had set new benchmarks for India’s business landscape. "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," the Prime Minister wrote.