Shashikant Ruia, the co-founder of Essar Group, has passed away at the age of 80, the conglomerate announced on Tuesday.
Ruia had been suffering from a “prolonged illness” and died in Mumbai at around 23.55 pm on Monday, after having returned from the US, where he was undergoing treatment, according to news agency PTI.
He is survived by his wife Manju and two sons Prashant and Anshuman.
The report says his mortal remains will be kept at Ruia House from 1 pm to 3 pm on Tuesday, and that the funeral procession will leave from Ruia House at 4 pm towards the Hindu Worli Crematorium. Currently into the oil, power, logistics, mining, IT, retail, and infrastructure business, the Essar Group was founded by the Ruia brothers Shashikant Ruia and Ravi Ruia in 1969.
“An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India’s corporate landscape,” the Group and family’s joint statement read. “He laid the foundation of the Essar Group and made it a global conglomerate.”
The group’s first major contract in 1969 was for constructing an outer breakwater for Chennai Port. Soon it entered into the power sector, becoming India’s first Independent Power Producer (IPP) in 1991, went into shipping in 1992, and entered the telecom business in 1995.
“With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact,” according to the statement. “His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader,” it added.