Mumbai: Shashikant Ruia, the co-founder of the Essar Group and a patriarch of the prominent Ruia family, passed away at the age of 81 on November 25, 2024, following a prolonged illness. His death was confirmed by the family in an official statement on Tuesday. Reports indicate that Ruia died late Monday night in Mumbai, shortly after returning from the United States, where he had been receiving medical treatment.
His funeral will be held on Tuesday, November 26, with his mortal remains displayed at Ruia House from 1 pm to 3 pm, followed by a procession to the Hindu Worli Crematorium at 4 pm.
Prime Minister Narendra Modi expressed his condolences on social media, calling Shashikant Ruia a “colossal figure in the world of industry.” Modi praised Ruia’s visionary leadership and significant contributions to India’s business growth, describing him as someone who was always eager to discuss ways to improve the country.
Shashikant Ruia co-founded the Essar Group with his younger brother, Ravi Ruia, in the late 1970s. Over the years, Essar expanded into a multi-industry conglomerate with interests in oil and gas, steel, mining, ports, power, telecommunications, and more. Under their leadership, the group developed landmark projects, including India’s largest single-location oil refinery in Jamnagar, Gujarat, which was later sold to Russia’s Rosneft in 2017 for $13 billion.
Essar also built a 10 million tonnes per annum steel plant in Hazira, Gujarat, in the mid-1990s, although it was later acquired by ArcelorMittal in 2018 due to operational challenges.
The Ruias’ business journey began in Chennai before they moved to Mumbai in the 1980s, where they grew Essar into a global enterprise. The group also achieved notable successes, including a $5 billion exit from a telecom venture with Vodafone in 2011.
Known for his modesty and hands-on leadership style, Ruia was deeply involved in mentoring young talent and personally overseeing key projects. Despite being competitors with Tata Steel, Ruia shared a close relationship with the late Ratan Tata and often sought his advice on the steel industry.
The Essar Group, now led by Ravi Ruia and Shashikant’s sons, Prashant and Anshuman, continues to operate in various sectors, including renewable energy, digital infrastructure, and refinery operations.
In a tribute, the Essar Group described Shashikant Ruia as an “iconic industrialist” who reshaped India’s corporate landscape and built Essar into a global conglomerate. His legacy of philanthropy, leadership, and vision will continue to inspire future generations.
