Essar Group co-founder Shashi Ruia died on Monday, November 25, 2024, at the age of 80. On Tuesday from 1 to 3 p.m., Ruia’s mortal remains will be available for prayer at Ruia House. Under the guidance of his father, Nand Kishore Ruia, Shashi Ruia, a first-generation industrialist and entrepreneur, started his career in 1965. Together with his brother Ravi, he formed Essar and was instrumental in determining its expansion, diversification, and business plan.
According to a report from The Ultimate News, the funeral procession would leave Ruia House at 4 p.m. and head to the Hindu Worli Crematorium.
Shashi Ruia participated extensively in a number of industrial associations and national bodies. He led the Indo-US Joint Business Council and was a member of the Federation of Indian Chambers of Commerce and Industry (FICCI) governing committee. He was also a member of the India-Japan Business Council and the Prime Minister’s Indo-US CEO Forum, and he was the previous president of the Indian National Shipowners Association.
The Ruia brothers’ co-founded companies are owned by Essar Global Fund Ltd., which has a broad portfolio of assets in important industries like energy, infrastructure, mining and metals, technology, and services. The Fund’s portfolio companies jointly bring nearly $14 billion in income annually, according to the Essar Group website.
Bridges, dams, and power plants were among the major infrastructure projects that Essar worked on in its early years, concentrating on the engineering and construction industries. By diversifying into the energy industry and purchasing a variety of oil and gas properties, the corporation increased the size of its holdings during the 1980s.
In the meantime, Essar’s portfolio companies in the oil and gas, telecom, and BPO industries have brought in over $40 billion in revenue. These monies were raised through strategic collaborations and divestitures with key global firms like Vodafone, Brookfield, Rosneft, and Trafigura, according to the company’s website.