Ravi Ruia, an Indian billionaire and co-owner of Essar Group has recently invested in a luxurious mansion ‘Hanover Lodge’ in London. It is one of the most expensive deals in the recent year, as per Bloomberg reports. The opulent modern palace has a whopping price of $145 million.
Essar Group is a multinational conglomerate and one of the leading players in the sectors of steel, oil and gas, power, communications, shipping, ports and logistics, and minerals.
Ruia’s office bought mansion overlooking Regent’s Park at 150 Park Road in July from a Gibraltar-incorporated holding company that was selling the mansion, according to Bloomberg reports.
The mansion was previously owned by former deputy CEO of Gazprom Invest Yug, a subsidiary of the Russian state-run energy firm, Goncharenko . He bought the property’s outstanding lease in 2012 from Conservative Party peer Rajkumar Bagri for £120 million (Rs1,264 crore) about two years ago.
William Rego, Ruia office spokesperson in an exclusive with Bloomberg stated that, “The property is under construction and became available at a price which makes it an attractive investment for the family office.”
The owners of Essar group — Shashi and Ravi Ruia started the company is 1969 and had an estimated net worth of $2.2 billion in 2021, as per Forbes. In 2012, they were given the title of the world’s richest Indians. The siblings sealed a long-pending deal in August 2017 to sell their Essar Oil assets to Russian oil-producer Rosneft for whopping $13 billion. This transaction was then Russia’s largest ever foreign investment, as well as India’s largest Foreign Direct Investment.
Ruia headed Essar’s globalization plans, including new ventures in South East Asia, Africa, and the Middle East. He has received Business India Businessman of the Year Award 2010. In 2013, he was awarded with the Outstanding Contribution to Sustainability award at The Asian Awards.