Essar Group’s co-founder Shashikant Ruia died on November 25 after a prolonged illness. He was 81 years old. His mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday and the funeral procession will leave from Ruia House at 4 pm towards the Hindu Worli Crematorium.
In an official statement, the Essar Group said, “It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader.”
“An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India’s corporate landscape. He laid the foundation of the Essar Group and made it a global conglomerate. Shri. Shashikant Ruia’s extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed,” stated the statement posted by the company.
Shashikant Ruia started his career in 1965 under the guidance of his father Nand Kishore Ruia. He laid the foundation of Essar alongside his brother Ravi Ruia. Shashikant Ruia was also on several national bodies and industry associations. He was part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He was also the chairman of the Indo-US Joint Business Council and the former president of the Indian National Shipowners Association. He was also a member of the Prime Minister’s Indo-US CEO’s Forum and India – Japan Business Council.
According to the company website, Essar Group’s portfolio businesses in the telecom, BPO and oil and gas sectors have gained more than $40 billion monetisation proceeds from majors such as Vodafone, Brookfield, Rosneft and Trafigura.
He is survived by his wife Manju and two sons Prashant and Anshuman.
Meanwhile, Prime Minister Narendra Modi posted on X (formerly Twitter), “Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, always discussing how we can make our country better. Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti.”