Shashikant Ruia, the patriarch of the once-thriving Essar Group, has passed away after a prolonged illness in the early hours of Monday. The 81-year-old industrialist was a towering figure in India’s business landscape, co-founding the metals-to-technology conglomerate Essar in 1969. He is survived by his wife, Manju, two sons, Prashant and Anshuman, their spouses, and four grandchildren.Ruia, who had been undergoing treatment in the United States until recently, returned to Mumbai only last month. He died in the city late last night. The funeral will be held at the Worli crematorium on Tuesday evening.The Essar Group expressed deep sorrow at his passing, stating, “With profound grief, we inform of the passing of Shashikant Ruia, the patriarch of the Ruia and Essar family. He was 81. With an unwavering commitment to community uplifting 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 family also honoured Shashikant’s legacy, describing it as a guiding light for future generations. “We vow to uphold the values and vision he championed throughout his life,” they added.Shashikant’s entrepreneurial journey began at the tender age of 17, when he joined the family business under the guidance of his father, Nand Kishore Ruia. Together with his brother Ravi, he founded Essar in 1969, starting with a contract to construct an outer breakwater for the Madras Port, valued at Rs 2.5 crore. This marked the beginning of what would become a remarkable journey for the group, which expanded into various sectors, including steel, oil refining, oil and gas exploration, telecommunications, and power.Essar grew rapidly in the decades that followed, becoming a prominent player in the energy, steel, and telecom industries. However, the group’s fortunes began to change in the late 2000s, when mounting debt and a series of political challenges contributed to its decline. The company was eventually taken to bankruptcy courts, and its key assets—such as oil, steel, and power—were sold off through the insolvency process.
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