It’s succession time at the Ruia-run Essar Industries. Rewant Ruia, the 23-year old son of vice-chairman Ravi Ruia, has been inducted as additional director on the board of Essar Shipping. The Essar Group made this announcement to the Bombay Stock Exchange on Monday.
Rewant Ruia is the youngest member in the family of promoter-directors of the Essar Group. The group is one of India’s largest corporate houses with an asset base of $6 billion with interests spanning core infrastructure, and of late, the consumer sectors of the economy. The new additional director is said to be given charge of the company’s flagship shipping business, Essar Shipping, and is being groomed for that purpose. Rewant’s sister Smiti is already a director on the board of the group and runs the family’s publishing business.
Rewant has been involved with managing the group’s telecom assets and been spearheading the new ventures into telecom, oil and steel retail. He has also been part of Essar’s drive to go international with new steel plants.
Company chairman Shashi Ruia’s sons are already well established in the business. Thirty-seven year-old Prashant Ruia looks after the group’s manufacturing business. He is the oldest serving member from the second generation. His brother, Anshuman, controls part of the services business, the group’s telecom venture.
Rewant completed high school education from the Hackley School in Tarrytown, New York, and did his Bachelors in Business Administration from Bentley College, Boston. The youngest scion of the Ruias began his formal career with the group in mid-2005. After a few months of studying each of the group’s businesses, he has been focusing on the telecom space, retail and new business development.
Besides this, Rewant is actively involved in Group Positioning, Strategy and Brand Management practices across group companies.