Essar Group Co-Founder Shashikant Ruia Passes Away at 81

Shashikant Ruia, co-founder of the Essar Group, passed away on November 25 at the age of 81 after a prolonged illness. His final rites will be conducted at the Hindu Worli Crematorium on Tuesday, November 28. The funeral procession will leave from Ruia House at 4 pm, with the mortal remains kept for public homage at Ruia House from 1 pm to 3 pm.

Essar Group’s Statement on Shashikant Ruia’s Legacy

The Essar Group issued an official statement mourning the loss of their patriarch, stating, “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.”

The statement highlighted Ruia’s significant contributions to the corporate world, describing him as an exceptional leader who redefined India’s industrial landscape. His humility, warmth, and ability to connect with people made him a revered figure.

Pioneering Achievements of Shashikant Ruia

Shashikant Ruia began his career in 1965 under the mentorship of his father, Nand Kishore Ruia. Alongside his brother, Ravi Ruia, he laid the foundation of the Essar Group, transforming it into a global conglomerate with a diverse portfolio.

Under his leadership, the Essar Group grew to include businesses in telecom, BPO, and oil and gas, achieving over $40 billion in monetisation proceeds through collaborations with major companies such as Vodafone, Brookfield, Rosneft, and Trafigura.

Influence on National and International Industry Bodies

In addition to his corporate achievements, Ruia played an active role in several national and international industry organizations. He was a member of the Federation of Indian Chambers of Commerce and Industry (FICCI) managing committee and served as chairman of the Indo-US Joint Business Council.

Ruia also held the position of former president of the Indian National Shipowners Association and was a key member of the Prime Minister’s Indo-US CEO’s Forum and the India-Japan Business Council. His contributions to fostering global business relations remain invaluable.

Essar Group’s Global Legacy Under Ruia’s Vision

The Essar Group flourished under Ruia’s visionary leadership, achieving global recognition for its innovative strategies and business practices. The company’s ability to adapt and thrive in multiple industries made it a leading force in India’s corporate landscape.

Shashikant Ruia’s dedication to excellence and innovation established benchmarks for the Indian business community, inspiring countless entrepreneurs and leaders.

Tributes from Family and Leaders

Shashikant Ruia is survived by his wife, Manju, and his two sons, Prashant and Anshuman. His passing has left a significant void not only in his family but also in the business community.

Prime Minister Narendra Modi paid tribute on X (formerly Twitter), stating, “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 set high benchmarks for innovation and growth. His demise is deeply saddening. My condolences to his family. Om Shanti.”

A Legacy That Will Inspire Generations

Shashikant Ruia’s extraordinary journey from building the Essar Group to becoming an iconic industrialist has left an indelible mark on India’s corporate history. His contributions to industry, philanthropy, and global partnerships will continue to inspire generations, solidifying his place as a pioneer of India’s economic growth.