Essar Group Co-Founder Shashi Ruia Passes Away At 80

Shashi Ruia, the co-founder of Essar Group, passed away on Monday (November 25, 2024) at the age of 80. Ruia's mortal remains will be available for prayers at Ruia House on Tuesday from 1 pm to 3 pm. Shashi Ruia, a first-generation entrepreneur and industrialist, began his career in 1965 under the mentorship of his father, Nand Kishore Ruia. He founded Essar with his brother Ravi and played a crucial role in shaping its business strategy, growth, and diversification.The funeral procession will depart from Ruia House at 4 pm, proceeding to the Hindu Worli Crematorium, according to a CNBC-TV18 report.Shashi Ruia was actively involved in several national bodies and industry associations. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and chaired the Indo-US Joint Business Council. Additionally, he was the former president of the Indian National Shipowners Association and a member of both the Prime Minister's Indo-US CEO Forum and the India-Japan Business Council.Essar Global Fund Ltd, which holds the businesses co-founded by the Ruia brothers, owns a diverse portfolio of assets spanning key sectors such as infrastructure, energy, metals and mining, technology, and services. According to Essar Group's website, the Fund's portfolio companies collectively generate annual revenues of $14 billion.In its early years, Essar focused on the construction and engineering sector, undertaking several significant infrastructure projects, including bridges, dams, and power plants. During the 1980s, the company expanded its portfolio by diversifying into the energy sector and acquiring a range of oil and gas assets.Meanwhile, Essar’s portfolio businesses in the telecom, BPO, and oil and gas sectors have generated over $40 billion in monetisation proceeds. According to the company's website, these funds were raised through strategic partnerships and divestitures with major global players such as Vodafone, Brookfield, Rosneft, and Trafigura.Also Read : Amazon Rushes To Capture India’s Rapidly Growing Quick Commerce Industry With 'Tez': Report