Remembering Shashikant Ruia: A Legacy of Leadership
Shashikant Ruia, the co-founder of the Essar Group, has passed away at the age of 81. His death marks the end of an era for one of India’s most influential business families. Along with his brother, Ravi Ruia, Shashikant established the Essar Group in 1969. The company began its journey with a contract from the Madras Port Trust, worth Rs 2.5 crore, to construct an outer breakwater. Over the decades, Essar evolved into a conglomerate with interests in various sectors, including construction, energy, steel, and telecommunications. Shashikant’s commitment to community upliftment and philanthropy left a lasting impact on many lives. His brother, Ravi, expressed profound grief over his passing, highlighting Shashikant’s exceptional leadership qualities and his ability to connect with people from all walks of life.
Early Life and Business Beginnings
Shashikant Ruia chose to remain in India to help build the family business instead of pursuing studies abroad. His dedication to the Essar Group began at a young age. By the time he was 17, he had already taken on significant responsibilities within the company. The Ruia brothers initially focused on construction and engineering projects. They played a crucial role in developing essential infrastructure, including bridges, dams, and power facilities. Their early success laid the foundation for future expansions.
In the 1980s, the Essar Group ventured into the energy sector. This move involved acquiring various oil and gas assets, which significantly boosted the company’s portfolio. The 1990s saw further diversification into steel and telecommunications. Essar established steel manufacturing facilities and an oil refinery, becoming a key player in these industries. The company also created India’s second-largest telecom venture with Hutchison. However, the journey was not without challenges. The group faced insolvency proceedings due to outstanding loans, leading to the sale of its refinery and relinquishing control of its steel facilities.
Philanthropy and Community Engagement
Shashikant Ruia was not only a successful businessman but also a committed philanthropist. His dedication to community upliftment was evident in various initiatives he supported. He believed in giving back to society and improving the lives of those around him. His humility and warmth made him a beloved figure in the community.
The Ruia family has stated that Shashikant’s remarkable heritage will continue to inspire future generations. They are committed to upholding his principles and fulfilling his aspirations. His involvement extended beyond business. He actively participated in national organizations and industry groups, contributing to the broader economic landscape of India.
Shashikant served on the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), a leading business association in India. He also chaired the Indo-US Joint Business Council and led the Indian National Shipowners Association (INSA). His participation in these organizations showcased his commitment to fostering international business relations and promoting India’s economic interests.
A Lasting Legacy
Shashikant Ruia’s legacy is one of resilience, leadership, and philanthropy. His contributions to the Essar Group and the Indian economy are significant. He was part of a distinguished group of achievers who provided funding for The Elders, an organization that addresses global challenges. This group included renowned figures like Desmond Tutu and Kofi Annan, highlighting Shashikant’s commitment to making a difference on a global scale.
His professional journey and dedication to the Essar Group serve as an inspiration to many. Shashikant’s ability to connect with people and his unwavering commitment to his community will be remembered fondly. As the Ruia family navigates this difficult time, they carry forward his vision and values, ensuring that his impact continues to resonate for years to come.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.