Anyone who has met Shashikant Ruia would never forget his humility and good-naturedness. The iconic industrialist who played a significant role in redefining India’s corporate landscape in his heydays had this uncanny ability to connect with everyone he met. The pre-Diwali get-togethers at the Ruia family house by the Arabian Sea in Mumbai were, therefore, one of the most-attended events — not for the pomp and grandeur but for the guests’ genuine good wishes for the good, old fellow who passed away after a prolonged illness at age 81.
Ruia co-founded the metals-to-technology conglomerate Essar with his brother Ravi. The name was derived from the first letters of both the brothers. “It is with profound grief that we inform of the passing of Shashikant Ruia, patriarch of the Ruia and Essar Family,” Essar group said in a statement on Tuesday.
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Ruia began his career in the family business in 1965 under the guidance of his father, the late Nand Kishore Ruia. His entrepreneurial spirit was evident from a young age. Declining an opportunity to study abroad, he instead chose to immerse himself in the family business. “I started by participating in meetings, listening and understanding, moving from one department to another,” Ruia once said. The culture of studying in the `Marwari school of management’ continued for the second generation as well.
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Essar’s real journey began in 1969 when it won a major contract worth Rs 2.3 crore for the construction of an outer breakwater for Chennai Port. In 1991, the company became India’s first independent power producer and started a 515 MW cycle power plant at Hazira.
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Over the next three decades, with the Indian economy opening up, the brothers diversified into several sectors including oil and gas, steel manufacturing,
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