File picture of Essar co-founder Shashi Ruia. The business tycoon died after a prolonged illness
| Photo Credit: Special arrangement
Shashikant Ruia, popularly known as Shashi Ruia, the founder Chairman of Essar Group passed away on Monday (November 25, 2024) in Mumbai due to old age. He was 81.
Mr. Ruia, one of the country’s top industrialists who built a conglomerate, is survived by his wife Manju, sons Prashant and Anshuman Ruia, and their spouses and children.
“It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family,” the Ruia family said in a statement on Tuesday (November 25, 2024).
His funeral was conducted at the Banganga crematorium, Malabar Hill in Mumbai.
“With an unwavering commitment to community upliftment and philanthropy, he [Mr Ruia] 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,” the family statement said.
“He had played a significant role in redefining India’s corporate landscape. His 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,” the statement added.
Mr .Ruia’s entrepreneurial journey began in Chennai in 1969 with the construction of an outer breakwater at Chennai Port. Post liberation of the economy in the 90s, he along with his younger brother Ravi Ruia ventured into steel, refining, exploration and production, telecom, power, and construction businesses catapulting them to the A grade of India Inc.
He was among the first to capitalise on the opportunities thrown open to the private sector in critical sectors.
He had planned his ventures across the entire value chain with high value addition, from ore to steel and from crude to oil retail. He was a firm believer in creating entire ecosystems and providing complete solutions.
The cyclic nature of the commodity business and high debt levels had its impact on the group over the past decade and the Essar Group had to divest its holding in Essar Oil including the captive ports and oil retail business to Rosneft of Russia.
Essar Steel had also changed hands to ArcelorMittal Nippon Steel through the Insolvency and Bankruptcy Code (IBC) process.
Undeterred by the loss of these two crown jewels Mr Ruia found opportunities in the renewable sector and the group has committed huge investments for facilitating decarbonisation of the world.
Under his tutelage Esaar has embarked on a transition from carbon to clean energy. Leveraging green power from hydrogen, LNG, and renewables the group under Essar Capital is creating new infrastructure for next generations.
Mr. Ruia was known for his humility and he would treat everyone at the group equally. Even a peon had equal access to his office as group CEOs.
He was very hungry for knowledge and kept on updating himself till his last days. He was hands on and took responsibility of business success and failure as the cases might be. He was a philanthropist but stayed away from publishing what he gave.
Condoling Mr. Ruia’s death Prime Minister Narendra Modi said on X Mr. Ruia 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,” Mr. Modi said.
“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,” he added.
Congress leader Jairam Ramesh said, “Shashi Ruia was one of India’s most prominent industrialists, and one who made major investments in diverse areas of the economy. I still recall our first meeting over three decades back when I thought he was a Mumbai-based businessman but he astonished me with his fluent Tamil. I recall a jovial, ever-smiling personality who left his mark on corporate India.”
Published – November 26, 2024 11:12 am IST