Late Shashi Ruia
(23.12.1943 – 25.11.2024)
Shashi Ruia, was a first-generation entrepreneur industrialist, who made invaluable contributions to India’s core industrial and infrastructure sectors and steered Essar to a prominent position in the global industry.
Mr Ruia began his career in the family business in 1965 under the guidance of his father, late Nand Kishore Ruia. Along with his brother Mr Ravi Ruia, he laid the foundation of Essar and spearheaded its business strategy, diversification and growth. Today, Essar Global Fund Limited (EGFL), which owns the businesses co-founded by the brothers, is a global investor with world-class assets diversified across the core sectors of Energy, Infrastructure, Metals & Mining, Technology & Retail. The Fund’s portfolio companies generate aggregate revenues of US $15 billion and operate assets across the globe, adhering to international standards of health, safety, environmental protection and corporate governance.
Essar has time and again demonstrated its ability to build and operate world-class assets that have elicited the interest of the best global players. Its portfolio businesses in Telecom, BPO and Oil & Gas have together attracted over US $40 billion in monetisation proceeds from global majors, like Vodafone, Rosneft, Trafigura and Brookfield.
Shashi Ruia’s vision saw Essar gain a first-mover advantage in many businesses. For example, when India’s telecom sector opened up to private participation, Essar was among the first companies to offer mobile telephony services.
Mr Ruia was an active member of several important national bodies and industry associations. He was on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), an apex body of India’s trade and business associations. He was also the Chairman of the prestigious Indo-US Joint Business Council and served as a president of the Indian National Shipowners Association (lNSA). Mr Ruia was also a member of the PM’s Indo-US CEO’s Forum and India – Japan Business Council.
In 2007, Mr Ruia joined an elite list of achievers, which included the likes of Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins and Richard Tarlow, who independently funded The Elders. The Elders is a group of world-renowned personalities, comprising Desmond Tutu, Graça Machel, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson and Muhammad Yunus, who have joined hands to tackle the world’s most difficult problems.
Mr Ruia was also the recipient of the Business India Businessman of the Year Award 2010.
Shashi Ruia is widely regarded as one of the architects of modern India. He had a deep passion for education and mentoring young talent. Until his passing in 2024, he remained immensely proud of all Essar employees who thrived under his stewardship.
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