Shashi Ruia, passed at the age of  80, co-founder of the Essar Group and one of India‘s most iconic industrialists, bid farewell to the world on November 25, 2024. End Known for his visionary leadership, humility, and commitment to excellence, Shashi leaves behind a legacy that transformed India‘s industrial and corporate landscape.

A Life Dedicated to Innovation and Growth

Born to a business family, Shashi Ruia initiated his entrepreneurial journey in 1965 as a protégé of his father, Nand Kishore Ruia. He, along with his brother Ravi Ruia, established Essar Group and took it forward for decades, growing and diversifying it into core sectors like energy, steel, infrastructure, and telecom, gaining recognition globally.

The name of the group, “Essar,” derives from the abbreviation of the names of the two brothers: Shashi and Ravi. The two siblings established some of the biggest industrial ventures of India-the country‘s biggest single-location oil refinery, in Jamnagar in the late 1990s. It was sold to Russia‘s Rosneft for a whopping $13 billion in 2017, which makes it one of the biggest foreign direct investments in India.

Indian Industry Inputs

Shashi Ruia helped to redefine the industrial landscape of India. For the group, one of the landmark developments was the setting up of the 10 mtpa Hazira, Gujarat-based steel plant in the mid-1990s. Though facing several challenges-the lack of gas supply being the primary one the operational importance made it a corner stone of India‘s steel industry. The plant was finally acquired by ArcelorMittal in 2018 auction by banks.

His impact even reached beyond the business operations. Shashi was on national bodies, such as Federation of Indian Chambers of Commerce and Industry (FICCI) and Indo-US Joint Business Council, of which he was chairperson. He was also a member of the Prime Minister‘s Indo-US CEO‘s Forum and India-Japan Business Council, by which it is evident that he did strive to bridge international business ties.

A Humble and Visionary Leader

Despite his monumental success, Shashi Ruia was known for his humility and hands-on approach to leadership. Old colleagues recall him as a down-to-earth individual who often mentored younger employees. While overseeing the Hazira steel project near Surat, Shashi would take overnight trains from Mumbai to personally monitor progress.

An opposing CEO, anonymously, described Shashi as a low-key leader who made work speak for himself. He even extended his collaborative approach to competitors; he consults with the late Tata Group Chairman Ratan Tata on the future of Indian steel companies despite rivaling in that sector.

Rise of a Global Conglomerate

With Shashi at the helm, Essar group diversified into various sectors. His international forays included purchasing the Stanlow refinery in the United Kingdom from Royal Dutch Shell in 2011, along with its chain of retail shops.

Essar also made significant strides in telecommunications, holding a 33% stake in a joint venture with Vodafone PLC. The group sold its stake in 2011 for $5 billion, marking one of the telecom sector’s most successful exits.

Modern-day, Essar‘s portfolio comprises renewable energy projects; and digital infrastructure under the Black Box brand; and in Indian and international operations. The group’s Essar Global Fund Ltd manages businesses and earns annual revenues of $14 billion.

A Legacy of Philanthropy and Community Upliftment.

Beyond industrial achievements, Shashi Ruia committed himself to community upliftment and philanthropy. This person definitely believed in creating a lasting impact in society, which is evident from his work touching millions of lives.

The Essar Group honored its co-founder with the statement:

“With his relentless commitment to community upliftment and philanthropy, he touched millions of lives, leaving behind a significant impact. His humility, warmth, and ability to connect with all he met made him a truly exceptional leader.”

Condolences

Prime Minister Narendra Modi condoled the demise of Shashi Ruia. In a heartfelt post on X (formerly Twitter), the Prime Minister wrote:

“He was a giant in the industrial world. Shri Shashikant Ruia Ji’s visionary leadership with an extraordinary commitment to excellence revolutionized India’s business scenario. He also marked out standard qualities of innovation and expansion. Always bursting with ideas, always talking about how we can make our country better. Saddening to hear of the death of Shashi Ji. My condolences are for his family and loved ones in their hour of grief.”

A Lasting Legacy

Shashi Ruia was undoubtedly a pioneer of India‘s industrial revolution.

He was an entrepreneur and a nation-builder who envisioned that India would become an international industrial hub. He will be remembered for the many projects that he undertook and implemented, be it oil refineries, steel plants, or telecommunications.

Even in his death, the vision of Shashi guides the Essar Group, as led by his younger brother Ravi and his sons Prashant and Anshuman. As it expands further into areas of renewable energy and digital infrastructure, it stands to prove the values and foresight of its late co-founder.

Final Farewell

Shashi Ruia‘s mortal remains will be available for prayers at Ruia House in Mumbai on November 26, 2024, between 1 PM and 3 PM. The funeral procession will leave from there for the Banganga Crematorium at 4 PM. As the industrial world says goodbye to a legend, the legacy and values of Shashi Ruia will continue inspiring and motivating subsequent generations of entrepreneurs and leaders.

Shashi Ruia‘s journey, from humble beginnings to building a global conglomerate, is as much a reflection of his ambition as it is his relentless pursuit of excellence. His story will remain a shining example of what could be accomplished with hard work, vision, and a commitment to making a difference.