Shashi Ruia, the co-founder of Essar Group, has passed away at the age of 81.

Obituary

In November 2024, Shashi Ruia, co-founder of Essar Global Fund Limited (EGFL) and a prominent business tycoon, passed away at the age of 81 in Mumbai, Maharashtra. He was born on December 23, 1943, in Rajasthan.


      - Shashi Ruia, known for his humility and charitable work, was a first-generation entrepreneur. He started his career in 1965, working under the guidance of his father, Nand Kishore Ruia.

      - In 1969, he and his brother Ravi Ruia founded Essar Group (also known as Essar Global Fund Limited, EGFL). The company initially focused on construction and engineering projects.

      - In 1991, Essar expanded into the power sector, becoming India's first Independent Power Producer (IPP). The company later ventured into shipping in 1992 and telecom in 1995.

Main Point :-   (i) Shashi Ruia was actively involved in various national and business organizations, including the Federation of Indian Chambers of Commerce and Industry (FICCI), where he served on the managing committee.

      (ii) In 2017, he joined an elite list of achievers. He and his brother were honored with the "Business India Businessman of the Year Award" in 2010.

(iii) EGFL is the fourth-largest business house in India by assets.

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