Shashi Ruia, the chairperson and co-founder of Essar Group, passed away on November 25 at the age of 81. Known for his pivotal role in transforming Essar into a global conglomerate, Ruia leaves behind a legacy of business growth and innovation.
Ruia, along with his younger brother Ravi, founded Essar Group in 1969 in Chennai. What began as a modest construction company evolved into a multi-sector powerhouse with operations spanning transportation, infrastructure, mining, oil refining, steel, and telecommunications. In the 1990s, the group expanded aggressively into steel production and telecommunications, laying the groundwork for its global reach in the years to follow.
Under his leadership, Essar entered new industries in the 2000s, investing heavily in mining, power, and shipping. More recently, the group shifted its focus toward sustainability and decarbonization. In October 2023, Bloomberg reported that Essar had announced plans to invest billions in low-carbon projects, including a $4 billion steel plant in Saudi Arabia, a $2.4 billion project to decarbonize its UK refinery, and a $1.2 billion green ammonia plant in India.
In February 2020, Shashi and Ravi Ruia celebrated the 50th anniversary of Essar Group, marking half a century of its contributions to India’s industrial growth.
Ruia’s mortal remains will be placed at Banganga in Walkeshwar for prayers and tributes. He is survived by his two sons, Prashant and Anshuman, who hold leadership roles within the group.
A statement from Essar Group acknowledged Ruia’s contributions to the company’s global standing and expressed condolences to the family.
Shashi Ruia’s passing marks the end of an era for one of India’s pioneering industrialists, whose vision and drive shaped a global business empire.