Shashi Ruia, the co-founder of Essar Group, passed away at the age of 81, leaving behind a diverse portfolio of assets worth $14 billion. Ruia, who began his career in 1965 under the mentorship of his father, played a crucial role in shaping Essar's growth and diversification. He was also actively involved in various national bodies and industry associations. The funeral procession will depart from Ruia House at 4 pm on Tuesday, as Essar Group and the business community mourn the loss of a visionary leader.
Essar Group Co-Founder Shashi Ruia Passes Away, Leaving Behind a Legacy of Industry Leadership
Shashi Ruia, the co-founder and visionary leader of the Essar Group, passed away at the age of 81 on Monday, leaving behind a diverse portfolio of assets worth $14 billion and a legacy of industry excellence.
Background on Essar Group and Shashi Ruia:
Shashi Ruia, along with his elder brother Ravi Ruia, founded Essar Group in 1965 under the mentorship of their father, Srinath Ruia. The group began as a shipping company and gradually expanded into a conglomerate with interests in energy, power, metals, infrastructure, and other sectors.
Ruia played a pivotal role in Essar's growth and transformation into a global enterprise. He was known for his strategic thinking, risk-taking abilities, and commitment to innovation. Under his leadership, Essar emerged as a key player in India's industrial development.
Ruia's Legacy:
Shashi Ruia's contributions to the Indian economy and industry were significant. He was the recipient of numerous awards and recognitions, including the Padma Bhushan, India's third-highest civilian honor.
Ruia was also actively involved in various national bodies and industry associations. He served as the President of the Confederation of Indian Industry (CII) from 2006 to 2007 and was a member of the Prime Minister's Economic Advisory Council.
Shock and Condolences:
The passing of Shashi Ruia has come as a shock to the business community and industry leaders. Essar Group and the entire Ruia family have expressed their profound grief and condolences.
The funeral procession for Ruia will depart from Ruia House at 4 pm on Tuesday, January 31st, 2023.
Top 5 FAQs and Answers Related to Shashi Ruia and Essar Group:
1. What is the net worth of Essar Group? Answer: $14 billion
2. Who is the current CEO of Essar Group? Answer: Prashant Ruia, Shashi Ruia's son
3. In what year was Essar Group founded? Answer: 1965
4. What was Shashi Ruia's role in Essar Group's success? Answer: He was the co-founder and played a pivotal role in its growth and diversification.
5. What are some of Essar Group's major businesses? Answer: Energy, power, metals, infrastructure, and others.
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