Co-founder of the Essar Group of companies, Shashikant Ruia, passed away on Tuesday at an age of 81, the family announced in a statement.Currently, the Essar Group is led by his younger brother Ravi and his sons Prashant and Anshuman.

“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,” the statement read.

Advertisement

Ruia began his career in the family business in 1965 under the guidance of his father, the late Nand Kishore Ruia.Both the brothers founded the Essar Group which went on to set up some of India’s biggest projects, including India’s biggest single location oil refinery in Jamnagar in the late 90s.

Prime Minister Narendra Modi mourned the death of Essar Group cheif and in a post on X, said, “Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the businesses 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,” Modi said.

Today, Essar Global Fund Limited (EGFL), is a global investor, owning a number of world-class assets diversified across the core sectors of energy, metals & mining, infrastructure, technology and services. The Fund’s portfolio companies generate aggregate revenues of US $14 billion. These companies operate more than 50 assets spread across the globe.