Shashi Ruia, the 81-year-old co-founder and patriarch of the Essar Group, passed away on November 26, 2024, in Mumbai. The Ruia family announced his death, highlighting his unwavering commitment to community upliftment and philanthropy.
Shashi Ruia, along with his brother Ravi Ruia, established the Essar Group in 1969. Their first major project was a Rs 2.5 crore contract from Madras Port Trust. Over the decades, they transformed Essar into a global conglomerate spanning infrastructure, energy, steel, and telecommunications.
Known for his visionary leadership, Shashi Ruia played a significant role in shaping India’s corporate landscape. He chose to remain with the Group rather than pursue studies overseas, assuming significant responsibilities by age 17. His involvement extended to prominent national organizations and industry groups, including serving on the managing committee of FICCI and chairing the Indo-US Joint Business Council.
Under his guidance, Essar Group expanded into various sectors, including construction, energy, steel, and telecommunications. The company faced challenges in recent years, divesting some of its assets, including its telecom business and oil refinery.
Prime Minister Narendra Modi expressed his condolences, describing Ruia as “a colossal figure in the world of industry” whose leadership transformed India’s business landscape.
Shashi Ruia’s legacy is remembered for his business acumen, commitment to innovation, and his ability to connect with people across all levels. His family vowed to uphold the values and vision he championed throughout his life.
