Mumbai/IBNS: Shashikant Ruia, the co-founder of the Essar Group and a patriarch of the billionaire Ruia family, passed away at the age of 81, the family announced in an official statement on Tuesday (Nov. 26). 

Reports indicate that Ruia succumbed to a prolonged illness at around 11:55 pm on Monday (Nov. 25) in Mumbai.

He had recently returned to India after undergoing treatment in the United States.

His mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday (Nov. 26), followed by a funeral procession to the Hindu Worli Crematorium at 4 pm. 

Prime Minister Narendra Modi expressed condolences in a post on X (formerly Twitter), describing Shashikant Ruia as a "colossal figure in the world of industry."

Modi noted Ruia’s visionary leadership and his contributions to innovation and growth in Indian business, adding, “He was always full of ideas, always discussing how we can make our country better.”

Modi further expressed deep sadness over Ruia’s passing and extended his condolences to the bereaved family. 

Shashikant Ruia co-founded the Essar Group with his younger brother Ravi Ruia.

Under their leadership, the group established landmark projects such as India’s largest single-location oil refinery in Jamnagar in the late 1990s.

This refinery was later sold to Russia’s Rosneft in 2017 for $13 billion, marking one of the largest foreign direct investments in India. 

In the mid-1990s, Essar also set up a 10 million tonnes per annum (mtpa) steel plant in Hazira, Gujarat.

However, operational challenges linked to a shortage of gas supply led to its acquisition by ArcelorMittal in 2018 during a bank-conducted auction. 

The Ruia brothers began their business journey in Chennai during the late 1970s before relocating to Mumbai in the 1980s.

Over the following decades, they diversified Essar into multiple industries, including oil and gas, steel, mining, ports, power, shipping, and telecommunications.

Notably, the group held a 33 percent stake in a joint venture with Vodafone PLC, which they exited in 2011 by selling their stake for $5 billion, achieving one of the most successful telecom exits in India. 

The name "Essar" itself is derived from the initials of the brothers, Shashi and Ravi.

The group expanded globally, acquiring the Stanlow refinery in the UK in 2011, along with its network of retail outlets from Royal Dutch Shell. 

Known for his modesty and hands-on leadership, Shashikant Ruia often mentored young talent within the organization.

During the construction of the Hazira steel plant, he frequently traveled overnight by train from Mumbai to personally oversee the project.

Despite being competitors in the steel industry, Ruia maintained a close relationship with the late Ratan Tata, often seeking his insights on the sector’s future. 

The Essar Group, now led by Ravi Ruia and Shashikant’s sons, Prashant and Anshuman, remains active in sectors such as renewable energy, digital infrastructure (via Black Box), and refinery operations in the UK. 

In a heartfelt statement, the Essar Group paid tribute to Shashikant Ruia, describing him as an extraordinary leader whose commitment to philanthropy and community welfare left a lasting impact.

“An iconic industrialist, Shashikant Ruia redefined India’s corporate landscape and built Essar into a global conglomerate. His vision and values will continue to inspire us,” the statement read. 

Ruia’s enduring legacy as a transformative industrialist and humble leader will remain a beacon for future generations.