Shashikant Ruia's Net Worth: How Rich Was Essar Group's Co Founder?

Indian billionaire and co-founder of Essar Group Shashi Ruia passed away at the age of 81 on Tuesday.

Announcing the news, his brother Ravi Ruia, co-founder of Essar Group, said, "It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. 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,"

Ruia Brothers' Success Story

Shashi Ruia, alongside his younger brother Ravi, founded the Essar Group in 1969. The company started with a contract worth Rs 2.5 crore from Madras Port Trust to build an outer breakwater, according to a report in The Times of India.

Initially focusing on construction and engineering, the firm undertook major infrastructure projects, including bridges, dams, and power plants. By the 1980s, Essar had ventured into the energy sector, acquiring critical oil and gas assets.

Further, the group stepped into steel production and telecommunications. The Ruias established India's second-largest telecom operator in collaboration with Hutchison. Though the company eventually exited the telecom and steel industries due to insolvency challenges, it demonstrated resilience, repaying nearly Rs 2 lakh crore in debts and pivoting to emerging sectors, the report added.

Today, the Essar Group manages a broad portfolio that includes a 10 million tonne per annum refinery in the UK, significant hydrocarbon reserves in India and Vietnam, and a growing focus on renewable energy projects.

Net Worth

By 2021, Shashi and Ravi Ruia had an estimated net worth of $2.2 billion, according to Forbes. In 2012, they were recognized as the world's richest Indians. Among their notable achievements was the $13 billion sale of Essar Oil to Russian oil producer Rosneft in 2017-a record-setting transaction for both Russian foreign investment and Indian Foreign Direct Investment.

Shashi Ruia spearheaded Essar's globalization efforts, establishing ventures in Southeast Asia, Africa, and the Middle East. His contributions earned him several accolades, including Business India's Businessman of the Year in 2010 and the Outstanding Contribution to Sustainability award at The Asian Awards in 2013.

In 2021, Ravi Ruia was in the news for acquiring the luxurious 'Hanover Lodge' mansion in London for $145 million, further highlighted the family's global footprint.

A proponent of family unity, Ruias upheld strong familial values within the household. Unlike many Indian business families that faced public disputes, the Ruias remained closely bonded, with three generations working and living together across Mumbai, Delhi, and London.

Meanwhile, Prime Minister Narendra Modi has expressed his condolence over Shashikant Ruia's demise.

In a post on X, he said, "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business 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. Om Shanti."