Shashikant Ruia, billionaire and Co-Founder of the Essar Group, has passed away at age 81, the global conglomerate said on Tuesday. 

“It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact”, the Ruia and Essar Family said in a statement.

“His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader. An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India's corporate landscape”, they added.

He laid the foundation of the Essar Group and made it a global conglomerate.

“Shashikant Ruia's extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed”, said the company.
Shashi Ruia's mortal remains will be kept at Ruia House to offer prayers.

A first-generation entrepreneur industrialist, he started his career in 1965 under the guidance of his father, Nand Kishore Ruia.

He was a member of the Prime Minister's Indo-US CEO's Forum and India – Japan Business Council.

He was also part of the managing committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), along with being Chairman of the Indo-US Joint Business Council and the former president of the Indian National Shipowners Association.

Essar Global Fund Ltd owns the businesses Co-founded by the Ruia brothers. The Fund's portfolio companies generate aggregate revenues of $14 billion, as per Essar Group's website.