Shashikant Ruia, Founder Of Essar Group, Passes Away, PM Modi Condoles His Death, Calls Him A 'Colossal Figure'

Shashikant Ruia, the co-founder of Essar Group, the Fuel to IT company has passed away at the age of 80. Ruia was the chairman of the Multinational Conglomerate, which he co-founded with his brother, Ravi Ruia in 1969.

PM Modi Condoles Ruia's Passing

PM Modi expressed his condolences. PM took to X to remember the industrialist, whom he called a Colossal Figure in the industry.

In his post, Modi 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."

Furthermore, talking about his contributions to the business world, Modi added, "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."

Last Rites To Be Held In Mumbai

Shashi Ruia's 'Shradhanjali' will be conducted at Ruia House in Mumbai on November 26, between 13:00 hrs - 15:00 hrs.

The funeral procession will be carried out after that when the entourage carrying Ruia's mortal remains will head to the Hindu Worli Crematorium, where the last rites will be conducted.

Some of the subsidiaries that are a part of the Essar Group include Essar Energy, Essar Shipping and Black Box Corporation.

The company was also one of the first to dabble in the growing telecom business in India. In the early days of the industry, Essar partnered with Hutchison or Hutch, before eventually selling all of its telecom business in 2012, to Hutch's successor in India, Vodafone. As of 2022, the conglomerate reported revenue of USD 14 billion.