MUMBAI: Shashikant Ruia, better known as Sashi Ruia the prominent Indian industrialist and co-founder of the Essar Group, passed away today, marking the end of an era for one of the most influential figures in the Indian corporate world.

Ruia, alongside his brother Ravi, built Essar Group from the ground up, transforming it into a multinational conglomerate with interests spanning steel, energy, infrastructure, and telecommunications. What started as a small trading and construction business in the 1960s from Chennai (then Madras) blossomed under their leadership into a powerhouse with operations across the globe.

Essar Steel, one of the group's flagship companies, the crown jewel in its vast empire, rose to become one of the largest steel manufacturers in the country, serving key sectors like infrastructure and automobiles. Essar also expanded into the energy sector, with significant investments in oil, gas, and power generation.

In the 2000s, as Essar continued to expand its footprint in international markets, the Ruia brothers made a bold move by acquiring assets in key global markets, further cementing their stature. Shashi Ruia’s investment in global oil reserves and refining capacity showcased his foresight and understanding of the global energy market.  In February 2020, the brothers celebrated the 50th anniversary of Essar Group, scoring half a century of its contributions to India’s industrial growth.

The Essar Group also made substantial strides in telecommunications as well, acquiring a significant stake in telecom giant Vodafone India, further diversifying its portfolio. Ruia was often lauded for his discretion and low public profile, which set him apart from many of his contemporaries in the business world. As one of the pioneers in modern Indian business, he was instrumental in the rise of Indian multinational corporations on the global stage. Known for his quiet demeanour and methodical approach, Ruia was also respected for his resilience during times of adversity.

Despite facing intense competition and regulatory challenges, he remained focused on his long-term vision for the Essar Group.  He is survived by his two sons, Prashant and Anshuman, who hold leadership roles within the group.