Shashikant Ruia, a first-generation entrepreneur who turned a small construction business into an infrastructure conglomerate, died after a prolonged illness. He was 80.
Shashi Ruia, as he was fondly called, co-founded the metals-to-technology conglomerate Essar with his brother Ravi.
Ruia, who would have turned 81 next month, died in Mumbai around midnight. He had returned from the US, where he was undergoing treatment, about a month back.
"It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family," the Ruia family said in a statement.
He is survived by his wife Manju and two sons Prashant and Anshuman.
Starting his career in 1965 under the guidance of his father Nand Kishore Ruia, Shashi and his brother Ravi laid the foundation of Essar in 1969 when they bagged a Rs 2.5 crore order from the Madras Port Trust for the construction of an outer breakwater in the port.
In the early years, Essar focused on construction and engineering projects and built a number of bridges, dams and power plants. In the 1980s, Essar diversified into the energy sector with the acquisition of oil and gas assets.
A decade later, it became a significant player in steel and telecommunications, setting up a large steel plant in Gujarat, and rising to become India's second-largest telecom operator in a joint venture with Hutchison. It also went on to build an oil refinery in Gujarat despite funds being stopped because of business rivals.
Later, it exited the telecom business, sold the oil refinery to a consortium led by Russia's Rosneft and had to let go of steel plants to ArcelorMittal when insolvency proceedings were initiated to recover unpaid loans.
Today, Essar Global Fund Ltd, which oversees the businesses co-founded by the Ruia brothers, manages assets across sectors such as infrastructure, energy, metals and mining, technology, and services.
According to the Essar Group's website, these portfolio companies generate combined revenues of USD 14 billion.
"With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader," the Ruia family statement said.
"An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India's corporate landscape. He laid the foundation of the Essar Group and made it a global conglomerate."
His "extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values he cherished and championed," it added.
Prime Minister Narendra Modi called Ruia a 'towering figure' in his condolence message.
