Shashi Ruia, Essar Group’s co-founder, died on November 25, 2024. He was eighty years old. Shashi, a first-generation entrepreneur and businessman, began his career in 1965, guided by his father, Nand Kishore Ruia. He and his brother Ravi founded Essar and planned its business strategy, growth, and diversification.
Shashi also served on various national and business associations. He served on the FICCI’s managing committee. He was also the head of the Indo-US Joint Business Council and a past president of the Indian National Shipowners Association. He was also a member of the Prime Minister’s Indo-US CEOs Forum and the India-Japan Business Council.
Essar Global Fund Ltd, which holds the Ruia brothers’ co-founded businesses, controls a diverse portfolio of assets in infrastructure, energy, metals and mining, technology, and services. According to the Essar Group website, the Fund’s portfolio companies generate an aggregate of $14 billion in sales.
Essar’s portfolio businesses in telecom, BPO, and oil and gas have received more than $40 billion in monetisation revenues from global players including Vodafone, Brookfield, Rosneft, and Trafigura.
