Shashi and Ravi Ruia
Ravi Ruia | |
|---|---|
| Born | Error: Need valid birth date: year, month, day India |
| Occupation | Businessman |
| Known for | Co-founder of Essar Group |
| Notable work | Expansion of Essar Group into global conglomerate |
Shashi Ruia (23 December 1943 – 25 November 2024) and Ravi Ruia (born April 1949), collectively recognized as the Ruia brothers, were Indian billionaires who established the Essar Group in 1969.
In 2012, Forbes identified them as the wealthiest Indians globally, with an estimated net worth of US$7 billion.
Shashi Ruia died on 25 November 2024 at the age of 80.[1]
Ravi Ruia
Ravi Ruia, born in April 1949, holds a mechanical engineering degree from the College of Engineering, Guindy, Chennai.[2] He is married to Madhu and has two children; the family resides in Mumbai, India.[3]
Career
Ravi Ruia played a key role in transforming the Essar Group into a global conglomerate with diverse interests spanning steel, oil and gas, power, telecommunications, shipping, ports, logistics, infrastructure projects, and minerals. The enterprise operates in over 20 nations across five continents, employs around 75,000 individuals, and generates revenues near US$17 billion.[4]
During his tenure, Essar expanded internationally by acquiring the Stanlow Oil Refinery from Shell plc in 2011. In recognition of his efforts toward sustainability, he was honored with the Outstanding Contribution to Sustainability award at The Asian Awards held in London in April 2013.[5]
By the financial year 2017–18, Essar's subsidiaries reported combined revenues amounting to US$15 billion. The group adheres to stringent global benchmarks related to safety protocols, environmental stewardship, and corporate governance across more than 50 assets worldwide.[6] Strategic divestments in sectors such as telecom, BPO, and oil & gas attracted over $30 billion in Foreign Direct Investment from major international players including Vodafone, Rosneft, and Trafigura.[7] Notably, Essar Energy's sale of Essar Oil to a consortium led by Rosneft valued at US$12.9 billion represented Russia's largest foreign investment and India's biggest FDI to date.[8]
Ranked twelfth among the wealthiest individuals in the UK according to the Sunday Times Rich List of 2011,[9] Ravi Ruia spearheaded Essar's expansion into markets across South East Asia, Africa, and the Middle East. He was also awarded Business India’s Businessman of the Year in 2010.[9]
In December 2011, the Central Bureau of Investigation of India examined Ruia regarding allegations linked to the sale of India's 2G spectrum; however, Essar Group refuted any misconduct.[10] Subsequently, in December 2017, Indian courts acquitted him due to lack of sufficient evidence.[11]
In mid-2023, Ravi Ruia purchased Hanover Lodge in London from Russian businessman Andrey Goncharenko for £113 million.[12]
See also
References
- ↑ Essar Group co-founder Shashi Ruia dies at 81
- ↑ "Ravi RUIA - Personal Appointments". Companies House.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedForbes - ↑ microsoft.com https://customers.microsoft.com/en-us/story/multinational-conglomerate-improves-service-offerings.
{{cite web}}: Missing or empty|title=(help) - ↑ "Narayan Murthy, Adi Godrej bag UK Asian Awards". Economic Times. 17 April 2013.
- ↑ World Economic Forum https://www.weforum.org/people/prashant-ruia.
{{cite web}}: Missing or empty|title=(help) - ↑ www.essar.com http://www.essar.com/section_level1.aspx?cont_id=SD7sjPUVBkw=.
{{cite web}}: Missing or empty|title=(help) - ↑ thehindubusinessline.com http://www.thehindubusinessline.com/companies/essar-oil-completes-rosneft-deal-for-129-billion/article9824587.ece.
{{cite web}}: Missing or empty|title=(help) - ↑ 9.0 9.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedNBMCW - ↑ forbes.com https://www.forbes.com/sites/naazneenkarmali/2011/12/12/essar-groups-ruias-charged-in-telecom-investigation/#619bce8ba5dd.
{{cite web}}: Missing or empty|title=(help) - ↑ Kumar, Nirnimesh (2017-12-21). "Ruias, Khaitans too acquitted". The Hindu.
- ↑ Indiatimes.com. 2023-07-22 https://economictimes.indiatimes.com/nri/invest/indian-billionaire-ravi-ruia-buys-russian-linked-london-mansion-for-113-million/articleshow/102034881.cms.
{{cite web}}: Missing or empty|title=(help)