Shashi Ruia started his career under the guidance of his father and went on to establish the Essar Group as a global conglomerate. He was an iconic figure in the Indian business world, having been involved in various influential organizations such as FICCI and the PM's Indo-US CEO's Forum. His contributions to the corporate landscape will be remembered and honored by many.
Background
Essar Group is a multinational conglomerate headquartered in Mumbai, India. Founded in 1969 by Shashi Ruia and Ravikant Ruia, the group has grown into a diversified enterprise with operations in various industries such as energy, steel, logistics, infrastructure, and technology.
Under the stewardship of Shashi Ruia, Essar Group expanded its global footprint and became a leading industrial player. Ruia was an influential figure in Indian business circles, serving as the President of the Federation of Indian Chambers of Commerce and Industry (FICCI) and a member of the Prime Minister's Indo-US CEO's Forum.
Current Status
Today, Essar Group is a major contributor to the Indian economy, employing over 100,000 people worldwide. The group's operations span across multiple continents, with a presence in countries such as India, the United Kingdom, the United States, Canada, and China.
Essar's energy business includes oil and gas exploration and production, refining, and power generation. Its steel division produces high-quality steel products for various sectors, including construction, automotive, and infrastructure. The group also has a significant presence in logistics, operating ports, terminals, and shipping companies.
Leadership
After Shashi Ruia's passing in 2022, his younger brother, Ravi Ruia, took over as the Group's Chairman. Ravi Ruia has been involved in the Essar Group since its inception and has held various leadership positions within the organization. He has a strong track record in managing large-scale projects and driving growth.
Top 5 FAQs and Answers
1. Who founded Essar Group? Answer: Shashi Ruia and Ravikant Ruia
2. When was Essar Group founded? Answer: 1969
3. What are the primary industries in which Essar Group operates? Answer: Energy, steel, logistics, infrastructure, and technology
4. Who is the current Chairman of Essar Group? Answer: Ravi Ruia
5. What is Essar Group's annual revenue? Answer: Approximately $12 billion (as of 2022)
Conclusion
Essar Group, under the leadership of Shashi Ruia and now Ravi Ruia, has made a significant contribution to India's industrial growth and economic development. The group's diversified portfolio, global presence, and commitment to innovation position it well for continued success in the years to come.
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Union Home Minister and Minister of Cooperation, Amit Shah, congratulated Amul and Indian Farmers Fertiliser Cooperative Limited (IFFCO) for securing the first and second ranks in the global ranking for cooperatives. This achievement is a testament to the boundless potential of cooperatives, which are being transformed into a global model of empowerment and self-reliance by Prime Minister Narendra Modi. The dairy sector, which is the backbone of rural livelihoods in India, has combined farmer-led cooperatives, women's participation and scientific practices to achieve remarkable progress. Additionally, the National Co-operative Exports Limited, set up by the government, has achieved a significant milestone in exporting agricultural commodities.
After purchasing his retirement property in Swansea, David Barlow has been forced to live in a motorhome on his driveway due to persistent damp and mould issues. Despite complaints to his property managers, the issue has not been resolved and Barlow fears for his belongings. The problem is believed to have been caused by faulty insulation installed by British Gas, but the company denies responsibility. This situation has put a hold on Barlow's retirement plans and has left him feeling frustrated and stuck.
US-based private equity firm Tillman Global Holdings (TGH) is reportedly in advanced discussions to invest up to $6 billion in Vodafone Idea Ltd, which could lead to a change in operational control. However, the investment is contingent on the Indian government providing comprehensive relief covering AGR and spectrum payment dues. If the deal goes through, it could dilute existing promoter holdings, including those held by Aditya Birla Group and Vodafone Plc. While the news has boosted investor sentiment, analysts caution that government approval and debt restructuring clarity are key to the execution of the deal.
The Indian real estate market is undergoing a major shift with rising home prices, as apartments priced between Rs 2 crore and Rs 5 crore now dominate sales. This change has been highlighted by a Redditor who expressed concerns over the dwindling chances of middle-class buyers to afford a house. According to a Moneycontrol report, the trend is a result of big developers focusing more on luxury projects, leaving affordable housing in the backseat. As a result, home ownership for the middle-class seems like a distant dream, with even government employees struggling to afford these expensive properties.
Vodafone Idea's share price saw a significant increase of 14% after the Supreme Court provided further clarity on the AGR dues issue. The court clarified that the government can consider providing relief for both additional and reassessed AGR dues, giving some respite to the struggling telecom operator. At the time of writing, Vodafone Idea's share price was trading at Rs 9.51, with a gain of 8.93%. This comes after the court's previous hearing which did not provide a clear ruling on whether the relief applies to only Vodafone Idea's plea or the entire pending AGR amount of nearly Rs 80,000 crore.
After failing to meet Apple's internal sales expectations, the ultra-thin iPhone Air is facing a significant production cut of 80%. The initial prediction of reducing production by one million units has now been deemed insufficient, highlighting deeper concerns about the device's market performance. This setback raises questions about the competitive landscape of high-end smartphones and hints at Apple's next possible move towards a foldable iPhone.
In an effort to secure their rights to their intellectual property, the Board of Control for Cricket in India (BCCI) has announced a new copyright agreement that will be in effect until 2025. This move ensures that BCCI maintains its exclusive right to reproduce, broadcast, and use any of its content, including images and videos, for commercial purposes. With the deal also covering the use of BCCI's logos and trademarks, it gives the governing body a tighter grip over its assets and sets a precedent for other sports organizations to follow suit.