New Delhi [India], November 26 : Prime Minister Narendra Modi expressed his condolences on Tuesday on the demise of Shashikant Ruia, the co-founder and chairman of Essar Group.
The prime minister termed Ruia as the colossal figure in the industry. PM Modi, in his post on social media X, added, "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 discussing how we can make our country better. Shashi Ji's demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief. Om Shanti."
Confirming the demise, the Ruia family, in a post, added, "It is with profound grief that we inform you of the passing of Shashikant Ruia, patriarch of the Ruia and Essar family. He was 81."
"An iconic industrialist, 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," the family added, expressing its grief over the demise of Ruia.
The Essar Group Chairman passed away on November 25 in Mumbai at the age of 81. Ruia started his journey in the industry in 1965 and, along with his brother, founded the Essar Group in 1969, as per the publicly available information.
According to information from the family, Ruia's mortal remains will be kept at Ruia House from 1-3 pm and the funeral procession to the Hindu Worli Crematorium will leave at 4 PM.
The Essar Group, commonly known as EGFL, has expanded in sectors such as energy, infrastructure & logistics, metals & mining, technology, and retail. The group is known for its companies such as Essar Oil UK, Essar Ports, Essar Oil & Gas Exploration & Production, Essar Shipping, Essar Power, and Essar Projects.
The Assets Under Management (AUM) stood at USD 9.5 billion as of 31 March 2023, as per the company.
The Essar Group Chairman was a part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI).
He was also the chairman of the Indo-US Joint Business Council. He acted as the president of the Indian National Shipowners Association. In addition to that, Ruia was also the CEO of the Prime Minister India-US CEO Forum and the India-Japan Business Council.
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