Tue Nov 26 09:30:00 UTC 2024: ## Essar Group Founder Shashikant Ruia Passes Away at 81

**Mumbai, India –** Shashikant Ruia, co-founder and chairman of the Essar Group, a major Indian conglomerate, passed away on Monday at the age of 81 after a prolonged illness. The announcement was made by the Essar Group on Tuesday, which described Ruia as an “exceptional leader” and a philanthropist who made a significant impact on Indian industry and society.

Ruia, along with his brother Ravi, built Essar from a small family business into a global conglomerate with interests spanning energy, metals, mining, infrastructure, technology, and services. The group’s portfolio companies currently generate over US$14 billion in revenue. Essar’s history includes pioneering roles in India’s independent power production and mobile telephony sectors. However, in recent years, some of its key assets, including Essar Steel and Essar Oil, were sold following financial difficulties. Essar Steel was acquired by ArcelorMittal, and Essar Oil was purchased by a consortium including Rosneft and Trafigura, rebranding as Nayara Energy.

Prime Minister Narendra Modi paid tribute, describing Ruia as a “colossal figure in the world of industry” whose visionary leadership transformed India’s business landscape. Ruia’s career spanned several decades, beginning in 1965 within the family business and culminating in his leadership of a globally recognized enterprise. He also held prominent positions in various national bodies and industry associations, including FICCI and the Indo-US Joint Business Council.

Ruia’s legacy extends beyond the corporate world; he was known for his commitment to community upliftment and philanthropy. His contributions to various charitable causes have left a lasting impression on countless lives. The Essar Group statement highlighted his humility and ability to connect with people from all walks of life. The passing of Shashikant Ruia marks the end of an era for Indian industry, leaving behind a complex and significant legacy.

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