Essar Group co-founder Shashikant Ruia passes away at 81; PM Modi offers condolences

New Delhi: Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 81.

Ruia, who co-founded metals-to-technology conglomerate Essar with his brother Ravi, died in Mumbai around 11:55 pm on November 25, family sources said.

He had returned from the US, where he was undergoing treatment, about a month back.

His mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday. The funeral procession will leave from Ruia House at 4 pm towards the Hindu Worli Crematorium.

Shashi, a first-generation entrepreneur industrialist, started his career in 1965 under the guidance of his father Nand Kishore Ruia.

He, along with his brother Ravi, laid the foundation of Essar in 1969 by constructing an outer breakwater at Chennai Port. The group expanded into various sectors, including steel, oil refining, exploration and production, telecom, power, and construction.

He is survived by his wife Manju and two sons Prashant and Anshuman.

Condoling Ruia's death, Prime Minister Narendra Modi said he was as a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business landscape of India, he said, describing his demise as deeply saddening.

Modi said on X, "He also set high benchmarks for innovation and growth. He was always full of ideas, always discussing how we can make our country better."