Shashi Ruia, chairperson and co-founder of Essar Group, passed away on Nov. 25, at the age of 81. Ruia's mortal remains will be placed at Banganga, Walkeshwar to offer prayers and respect.
Shashi, along with his brother Ravi Ruia founded Essar Group and was instrumental in driving the company's growth and diversification plans.
With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact, his family said in a statement. "His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader."
The company, which was founded in 1969, operates in various countries and is involved in transportation, infrastructure, mining, and oil refining.
In the 1990s, Essar expanded its operations into the steel and telecommunications sectors. Essar kept growing its business in the 2000s by making investments in the mining, electricity, and shipping industries.
In October 2023, Bloomberg reported that Essar planned to invest billions of dollars in low-carbon projects, including a $4-billion steel plant in Saudi Arabia, a $2.4 billion project to decarbonise Essar's UK oil refinery, and a $1.2 billion green ammonia plant in India.
In February 2020, the brothers celebrated the 50th anniversary of the group, which was founded in Chennai, according to Forbes.
Ruia is survived by his two sons Prashant Ruia and Anshuman Ruia, who hold key positions in the group's business.
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