Essar Group co-founder Shashikant Ruia passes away

Currently into oil, power, logistics, mining, retail, and infrastructure, the Essar Group was founded by the Ruia brothers Shashikant Ruia and Ravi Ruia in 1969

Published on: Nov 26, 2024 10:43 AM IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Shashikant Ruia, the co-founder of Essar Group, has passed away at the age of 80, the conglomerate announced on Tuesday.

Essar Group co-founder Shashikant Ruia (Essar/X)

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Ruia had been suffering from a “prolonged illness” and died in Mumbai at around 23.55 pm on Monday, after having returned from the US, where he was undergoing treatment, according to news agency PTI.

He is survived by his wife Manju and two sons Prashant and Anshuman.

The report says his mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday, and that the funeral procession will leave from Ruia House at 4 pm towards the Hindu Worli Crematorium.

Currently into the oil, power, logistics, mining, IT, retail, and infrastructure business, the Essar Group was founded by the Ruia brothers Shashikant Ruia and Ravi Ruia in 1969.

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“An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India's corporate landscape,” the Group and family's joint statement read.

“He laid the foundation of the Essar Group and made it a global conglomerate.”

The group's first major contract in 1969 was for constructing an outer breakwater for Chennai Port. Soon it entered into the power sector, becoming India's first Independent Power Producer (IPP) in 1991, went into shipping in 1992, and entered the telecom business in 1995.

“With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact,” according to the statement.

“His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader," it added.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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