Shashikant Ruia: an architect of modern India with a passion to mentor young talent

Shashikant Ruia, co-founder and patriarch of Indian multinational conglomerate Essar Group, died on Tuesday. He was 81.

Widely regarded as one of the architects of modern India, Shashi Ruia had a passion for education and mentoring young talent.

His leadership philosophy was not only about building a business but also about building people, an ethos that left an indelible mark on the lives he touched.

“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,” Essar group said in a statement

A pioneer in many domains, Ruia harnessed opportunities across sectors following the liberalization of the Indian economy in the 1990s, including telecom, which saw Essar being among the first to introduce mobile telephony in the country.

“An iconic industrialist, Ruia played a significant role in redefining India’s corporate landscape. He laid the foundation of the Essar Group and made it a global conglomerate,” the Essar statement said.

Born into a business family, Ruia began his career under the mentorship of his father, Nand Kishore Ruia, and alongside his brother, Ravi Ruia.

Together, they laid the foundations of Essar, steering it towards becoming a globally recognized entity in energy, metals and mining, infrastructure, technology, and services.

Ruia’s strategic initiatives led to the creation of assets that attracted significant global investment, totaling more than $40 billion, from firms such as Vodafone, Rosneft, Trafigura and Brookfield.

Essar Global Fund Ltd, under their leadership, stands as a testament to their ambition, housing world-class assets and generating revenues upwards of $14 billion, Essar said on its website.

The company owns various assets in the core sectors of energy (oil refining, oil, and gas exploration and production, power), infrastructure and logistics (ports, projects), metals and mining, technology, and retail (oilfield services, information technology, and food retail). EGFL holds a nearly 100% stake in all its investments.

Major group companies in the conglomerate include Essar Oil UK, Essar Ports, Essar Oil and Gas, Essar Shipping, Essar Power, and Essar Projects.

Ruia was also revered in business circles, contributing his expertise to industry bodies including the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indo-US Joint Business Council.

His influence extended beyond business, involving himself with The Elders, a group dedicated to global peace and human rights, sharing ranks with icons such as Desmond Tutu and Kofi Annan.

Prime Minister Narendra Modi said Ruia was a colossal figure in the industry.

In a post on X, Modi wrote, “Shri Shashikant Ruia Ji was a colossal figure in the industry world. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, discussing how we can improve our country.

Shashi Ji’s demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti.”

Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, always… pic.twitter.com/2Dwb2TdyG9

— Narendra Modi (@narendramodi) November 26, 2024