Shashikant Ruia, Chairman of Essar Group, passed away at the age of 81, leaving behind a legacy of unparalleled contributions to the business world. Under his visionary leadership, Essar group diversified and grew into a global conglomerate, generating revenues of US $14 billion. Ruia's commitment to community upliftment and philanthropy also left a lasting impact on millions of lives. His demise has left a void in the business world that will be hard to fill.
Shashi Ruia: A Pioneer of Indian Industry
Shashikant Ruia, the visionary Chairman of Essar Group, passed away on July 6, 2023, at the age of 81. His passing marked a significant loss to the Indian business community and philanthropy world.
Early Life and Career
Ruia was born in 1942 in Marwar, Rajasthan. He earned a degree in mechanical engineering from Manipal Institute of Technology and began his career in 1964 with Eastern Minerals & Trading Agency. In 1973, he co-founded Essar Group with his brother Ravi Ruia.
Growth of Essar Group
Under Ruia's leadership, Essar Group flourished into a diversified conglomerate with interests in steel, energy, infrastructure, logistics, and outsourcing. The group has a global presence with operations in India, the Middle East, Europe, and North America.
Ruia is credited with introducing advanced technologies to the Indian steel industry and establishing the world's largest private-sector steel plant in Hazira, Gujarat. He also oversaw the development of Essar's oil and gas exploration and production business, making it a major player in the energy sector.
Community Involvement
Beyond his business ventures, Ruia was deeply committed to community upliftment. He established the Essar Foundation, which works in the areas of education, healthcare, and sustainable development. The foundation supports various initiatives, including scholarships for underprivileged students, healthcare facilities for rural communities, and environmental conservation projects.
Legacy and Impact
Shashi Ruia's demise has left an indelible mark on the Indian business landscape. He was widely respected for his entrepreneurial spirit, innovative mindset, and unwavering commitment to philanthropy. His legacy will continue to inspire generations of business leaders and philanthropists.
Top 5 FAQs
1. What was the cause of Shashi Ruia's death? He passed away due to a brief illness.
2. What was the estimated net worth of Essar Group under Ruia's leadership? US $14 billion
3. Which sector did Essar Group first diversify into? Steel
4. What was Shashi Ruia's role in Essar's energy business? He oversaw the development of Essar's oil and gas exploration and production operations.
5. How did Shashi Ruia contribute to community development? He established the Essar Foundation, which supports various initiatives in education, healthcare, and sustainable development.
The Indian government has stepped in to support its exporters amidst high tariffs imposed by the US. This includes providing assistance and facilitating access to domestic buyers for exporters. However, India may face challenges in the coming months with additional tariffs on Russian oil, impacting its export growth to the US.
After nearly four days of striking and thousands of passengers being stranded, the Canadian Union of Public Employees (CUPE) and Air Canada have reached a tentative agreement, bringing a halt to the strike. The airline plans to gradually resume flights starting Tuesday evening, but warns that it could take up to a week before operations return to normal. The deal, still to be ratified by union members, addresses key issues such as pay and hours, and is described as bringing "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
Indian equity markets saw a positive start on Thursday, September 18, 2025 due to the US Federal Reserve's decision to cut interest rates by 25 basis points. The Sensex and Nifty indices opened with significant gains, with major tech companies like Infosys and HCL tech leading the pack. However, Bajaj Finance and other financial institutions faced some losses in the opening session. With Gift Nifty indicating a positive start and strong investments by Foreign and Domestic Institutional Investors, experts predict better market conditions in the coming days.
After nearly four days of cancelled flights and stranded passengers, Air Canada has reached a tentative agreement with the union representing its cabin crew. The company plans to resume operations gradually on Tuesday evening, but it could take a week for full service to resume. The deal, which still needs to be ratified by union members, includes "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
The US Federal Reserve announced a 25 basis point cut in interest rates, which was widely expected by economists and investors. The decision was approved by a stronger than expected 11-1 vote, signaling unity within the central bank. The US markets reacted positively to the news, with the Dow Jones and Nasdaq trading higher. The impact of this rate cut on Indian markets is yet to be seen, but Nifty futures suggest a gap-up opening.
As VMS TMT Ltd. prepares to launch its initial public offering, the grey market premium for its mainboard issue is already showing signs of high demand. The company, which manufactures TMT Bars and deals in scrap and binding wires, is set to go public on Wednesday, September 17. With the GMP currently at Rs 23 per share, investors are estimating a potential listing gain of 23.23% per share. The company is offering 1.5 crore shares at a price band of Rs 94 to Rs 99 per share, with a minimum investment of Rs 14,850 for retail investors.
Despite President Trump's dismissal of a top Federal Reserve official, investors shrugged off concerns and pushed stocks higher. The Dow, S&P 500, and Nasdaq all finished the day in positive territory, with the Dow hitting a new record closing high. While the move to remove the official raises questions about the Fed's independence, investors are focused on upcoming economic indicators, including a report on inflation and highly anticipated earnings reports from tech giants like Nvidia. Meanwhile, the digital currency Bitcoin continues to struggle, dropping below $110,000 for the first time in two weeks.
In an effort to reduce reliance on China for key minerals used in advanced technologies, India is exploring partnership with a rebel group in Myanmar to secure rare earth samples. The Ministry of Mines has directed state-owned and private companies to collect samples from Kachin Independence Army-controlled mines and test them in domestic labs. This move comes in light of China's recent export restrictions on rare earth magnets, causing disruptions in global supply chains.
Oracle chairman Larry Ellison, who hails from the Bronx, has surpassed Tesla CEO Elon Musk as the richest person in the world with a net worth of $405 billion. This jump in wealth was reported by Barron's on Wednesday, putting Ellison ahead of Musk's net worth of $390 billion. This milestone marks a shift in the top spot amongst the world's wealthiest individuals.
The US Producer Price Index fell 0.1% in August, bucking expectations of a rise and indicating a potential slowdown in overall economic growth. The decline was driven by a slump in the cost of services, particularly within wholesalers and retailers. The news has led to a drop in Treasury yields and solidifies expectations of an interest rate cut by the Federal Reserve next week.