Mentor, doyen of India's steel industry no more

Shashikant Ruia, patriarch of the billionaire Ruia family and co-founder of the Essar Group of companies, passed away late on Monday night, the family announced in a statement.

- DEV CHATTERJEE

He was 81.

Condoling Ruia's death, Prime Minister Narendra Modi, in a post on X, said, "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the businesses 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," Modi said.

The Essar Group is currently led by his younger brother Ravi and his sons Prashant and Anshuman.

Ruia, along with Ravi, founded the Essar Group which went on to set up some of India's biggest projects, including a single-location oil refinery in Jamnagar in the late 90s. The Ruias sold the refinery to Rosneft of Russia for $13 billion in one of the largest foreign direct investments into India in 2017. The group had also set up a 10 mtpa steel plant in Hazira, Gujarat in the mid-90s, which was acquired by ArcelorMittal in an auction conducted by the banks in 2018. The fortunes of the project changed after its operations were hit by a lack of gas supply from the central government.