Shashi Ruia, architect of Essar Group’s global expansion, passes away at 81

Tue Nov 26 03:53:23 UTC 2024: ## Essar Group Founder Shashi Ruia Passes Away at 81

**Mumbai, India** – Shashi Ruia, co-founder and chairman of the Essar Group, passed away on November 25th at the age of 81. Ruia, along with his brother Ravi, built Essar from a small construction company founded in 1969 into a global conglomerate with interests spanning steel, oil refining, telecommunications, and infrastructure.

His leadership saw Essar aggressively expand in the 1990s and into the 2000s, venturing into new sectors including mining, power, and shipping. More recently, under Ruia’s guidance, the company shifted its focus towards sustainability, announcing billions of dollars in investments in low-carbon projects, including a new steel plant in Saudi Arabia and decarbonization initiatives in the UK and India.

Ruia’s contributions to India’s industrial growth were celebrated in February 2020, marking the 50th anniversary of the Essar Group. He is survived by his two sons, Prashant and Anshuman, who are actively involved in the company’s leadership. A statement from Essar Group paid tribute to Ruia’s vision and impact on the company’s global success. His passing marks the end of an era for one of India’s most prominent industrialists. A prayer service will be held at Banganga in Walkeshwar.