Shashikant Ruia, billionaire and co-founder of the Essar Group, has passed away at age 81, the global conglomerate said on Tuesday.
“It is with profound grief that we inform the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact,” the Ruia and Essar Family said in a statement.
Prime Minister Narendra Modi paid tribute to Shashikant Ruia, referring to the industrialist as a “colossal figure” in the business world.
“Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, always discussing how we can make our country better,” PM Modi said on X.
Expressing his condolences, PM Modi added, “Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti.”
Shashikant Ruia began his entrepreneurial journey in 1965 under the guidance of his father, Nand Kishore Ruia. He laid the foundation of the Essar Group, which evolved into a global conglomerate with diverse business interests and aggregate revenues of $14 billion.
A first-generation industrialist, Ruia was known for his innovative approach and was deeply involved in key business and diplomatic forums. He was a member of the Prime Minister’s Indo-US CEO Forum and the India-Japan Business Council. Additionally, he served as the Chairman of the Indo-US Joint Business Council and was a former president of the Indian National Shipowners Association.
The company announced that Ruia’s mortal remains would be kept at Ruia House for prayers, allowing loved ones and associates to pay their respects.
(IANS)