Indian Billionaire & Essar Group co-founder Shashi Ruia passed away recently. He was a businessman known for building a billion-dollar empire. The 81-year-old started his business venture in 1969 with his first contract of Rs. 2.5 Crores from Madras Port Trust. He along with his brother Ravi Ruia were known as the Ruia Brothers. Their business Essar Group is a conglomerate company called Essar Global Fund Limited (EGFL). It deals in various sectors such as oil refining, oil and gas exploration and production, power infrastructure, metals & mining, technology, retail, and more. Let us have a look at the life journey of Essar Group’s co-founder Shashi Ruia’s journey below.
Who Was Shashi Ruia?
Shashi Ruia was an Indian businessman born in 1943. His journey with Essar Group started with a focus on construction and engineering projects. His company primarily constructed bridges, dams, and power facilities. In the 1980s, the Ruia brothers entered the energy sector through oil and gas acquisitions to expand the company. Within a decade, they moved to the steel and telecommunications industries. They also worked on expanding into oil refineries.
Their telecom business became the second-largest telecom venture Hutchison. He focused on his company more than anything else. He had different responsibilities over time in the Essar Group. During his journey, he participated in different things. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He also participated in PM’s Indo-US CEO’s forum and the India-Japan Business Council.
Shashi Ruia’s Net Worth
Shashi and Ravi Ruia had a net worth of $2.2 Billion as per Forbes in 2021. They have also been the world’s richest Indians in 2012. He was also known for making several big deals such as the ‘Hanover Lodge’ Mansion acquisition deal in London for $ 145 million. Mr. Shashi Ruia was among the top influential people of his time. He was also named Businessman of the Year 2010 by Business India. Shashi Ruia was known for achieving the Sustainability Award at The Asian Awards 2013.
Shashi Ruia’s Death Cause
According to sources, Shashi Ruia passed away due to his prolonged illness. There are not many details regarding the health issue he was suffering from. However, he passed away at 11:55 pm on 25 November 2024. He will always be in the hearts of his loved ones. Stay tuned for more information on our website Industrial Front.