New Delhi. Billionaire businessman and co-founder of Essar Group Shashi Ruia has passed away at the age of 81. Shashi Ruia, along with his brother Ravi Ruia, founded Essar Group in 1969. Initially this group focused on construction and engineering sectors.
In the 1980s the Essar Group diversified into the energy sector with the acquisition of several oil and gas assets. In the 1990s, the group expanded into steel and telecom. Shashi Ruia founded Essar Group in 1969 with his brother Ravi Ruia. It had received an order worth Rs 2.5 crore from the Madras Port Trust for the construction of external breakwaters in the port.
Prime Minister Narendra Modi has expressed grief over the demise of Shashi Ruia. Modi said in a post on X, ‘Shri Shashikant Ruia ji was a great personality of the industry. His visionary leadership and unwavering commitment to excellence transformed India’s business landscape. He also set high standards for innovation and development. He was always full of ideas. Always used to discuss how we can make our country better. Shashi ji’s demise is very sad. My deepest condolences to his family and loved ones in this sad time. Om Shanti.’
Shashi Ruia’s brother Ravi Ruia and family members said in a statement, ‘It is with great sadness that we announce the passing of Shashikant Ruia, patriarch of the Ruia and Essar families. He was 81 years old. With an unwavering commitment to community upliftment and philanthropy, he touched the lives of millions of people and left a lasting impact. His humility, warmth and ability to connect with everyone made him truly an extraordinary leader.
