Essar Group’s Co-founder Shashikant Ruia, Passed Away

The 81-year-old Indian billionaire Shashikant Ruia, who was a co-founder of Essar Group, has died.

He and his brother Ravi Ruia began their commercial endeavours in 1969 when they founded the Essar Group and won their first contract, valued at Rs 2.5 crore, from the Madras Port Trust to build an outer breakwater.

According to the family’s official statement, Shashikant Ruia’s extraordinary legacy will continue to motivate them as they uphold his values and realise his goals.

At first, Essar focused on engineering and construction projects, building important infrastructure like power plants, bridges, and dams. Through a number of oil and gas acquisitions, the business entered the energy sector as it grew in the 1980s.