Shashi Ruia Biography, Know About His Legacy

Shashi Ruia (1943–2024) was a first-generation entrepreneur and industrialist who, along with his brother Ravi Ruia, co-founded the Essar Group in 1969. The company, headquartered in Mumbai, operates in various industries such as steel, energy, power, communications, shipping, ports, and logistics.

Shashi began his career in 1965, guided by his father, Nand Kishore Ruia. He was married to Madhu, had two children, and lived in Mumbai.

In 2012, Forbes named the Ruia brothers the world’s richest Indians, with a net worth of $7 billion.

Shashi held significant roles in several industry and national organizations:

• He was a member of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI).
• Served as Chairman of the Indo-US Joint Business Council.
• Was a former President of the National Shipowners Association of India.
• Contributed to the Prime Minister’s Indo-US Career Forum and the India-Japan Business Council.

The Ruia brothers, often referred to collectively, played a key role in shaping India’s industrial growth through their leadership of Essar Group.

Professional journey of Shashi Ruia

Shashi Ruia co-founded the Essar Group in 1969 with his brother Ravi Ruia. Their first big project was a ₹2.5 crore contract from Madras Port Trust to build an outer breakwater at the port. This was the start of Essar’s journey to becoming a global company.

Key Milestones:

• Early Days: Essar began with construction and engineering projects like bridges, dams, and power plants.
• Expansion in the 1980s: The group diversified into the energy sector, acquiring oil and gas assets.
• Growth in the 1990s: Essar expanded into steel and telecommunications, building steel plants, an oil refinery, and becoming a major telecom player through a partnership with Hutchison, which created India’s second-largest telecom operator.
• Later Changes: Essar sold its telecom business and oil refinery to Rosneft and partners. It also handed over its steel plants to ArcelorMittal after insolvency proceedings.

Shashi Ruia’s Leadership:

• He joined the family business at a young age and took on major responsibilities by the age of 17. Instead of studying abroad, he focused on gaining hands-on experience in the company.
• His leadership and vision helped Essar grow into a global enterprise, operating in sectors like energy, steel, shipping, and telecommunications.
• He played an active role in important business organizations, including:
  • Managing committee member of the Federation of Indian Chambers of Commerce and Industry (FICCI).
  • Chairman of the Indo-US Joint Business Council.
  • Leader of the Indian National Shipowners Association (INSA).
  • Member of the Prime Minister’s Indo-US CEO Forum and the India-Japan Business Council.

Global Contributions:

• In 2007, he joined The Elders, a group of world leaders like Desmond Tutu, Kofi Annan, and Jimmy Carter, working on global challenges.
• His focus on international partnerships and innovation positioned Essar as a key player in both Indian and global markets.

Legacy:

Shashi Ruia’s vision and leadership played a significant role in India’s industrial growth. His efforts in fostering global business collaborations and building Essar into a multinational company have left a lasting impact on Indian industry.