Essar Group co-founder Shashi Ruia dies of prolonged illness at 80

Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.

Ruia, who co-founded metals-to-technology conglomerate Essar with his brother Ravi, died in Mumbai on November 25, family said in a statement.

He had returned from the US about a month ago, where he was undergoing treatment.

His mortal remains will be kept at Ruia House from 1 pm to 3 pm today and funeral procession will leave at 4 pm towards the Hindu Worli Crematorium.

Shashi, a first-generation entrepreneur industrialist, started his career in 1965 under the guidance of his father Nand Kishore Ruia.

"It is with profound grief that we inform of 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. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader. 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. Shri. Shashikant Ruia's 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," Essar and Ruia family said in a statement.

He, along with his brother Ravi, laid the foundation of Essar in 1969 by constructing an outer breakwater at Chennai Port. The group expanded into various sectors, including steel, oil refining, exploration and production, telecom, power, and construction.

Essar Global Fund Ltd, which owns the businesses co-founded by the Ruia brothers, owns various assets diversified across the core sectors of infrastructure, energy, metals and mining, technology and services. The Fund's portfolio companies generate aggregate revenues of $14 billion, as per Essar Group's website.

He is survived by his wife Manju and two sons Prashant and Anshuman.

With PTI inputs