Prime Minister Narendra Modi offered his condolences on the passing of Essar Group Co-Founder Shashi Ruia on Tuesday. Ruia passed away on Monday at the age of 81. The PM expressed his grief through a social media post on X.
“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,” he wrote in his post.
He added, “My deepest condolences to his family and loved ones in this hour of grief. Om Shanti.”
According to a CNBC-TV18 report, the funeral procession will leave Ruia House at 4 pm and proceed to the Hindu Worli Crematorium.
Shashi Ruia, a pioneering first-generation entrepreneur and industrialist, embarked on his career in 1965 under the guidance of his father, Nand Kishore Ruia. Together with his brother Ravi, he co-founded Essar and was instrumental in defining its business strategy, driving its growth, and spearheading its diversification.
Ruia was deeply engaged in various national organisations and industry associations. He served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and chaired the Indo-US Joint Business Council. In addition, he was the former president of the Indian National Shipowners Association and held memberships in the Prime Minister's Indo-US CEO Forum and the India-Japan Business Council.
Essar Global Fund Ltd boasts a diverse portfolio of assets across critical sectors, including infrastructure, energy, metals and mining, technology, and services. As stated on the Essar Group's website, the Fund’s portfolio companies generate a combined annual revenue of $14 billion.
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