TestCloud
Prep • Practice • Perform
Log In

Shashi Ruia, the co-founder of Essar Group, has passed away at the age of 81.

Obituary | Dated: 12 Dec 2024

In November 2024, Shashi Ruia, co-founder of Essar Global Fund Limited (EGFL) and a prominent business tycoon, passed away at the age of 81 in Mumbai, Maharashtra. He was born on December 23, 1943, in Rajasthan.

🎯 Key Highlights:

  • - Shashi Ruia, known for his humility and charitable work, was a first-generation entrepreneur. He started his career in 1965, working under the guidance of his father, Nand Kishore Ruia.
  • - In 1969, he and his brother Ravi Ruia founded Essar Group (also known as Essar Global Fund Limited, EGFL). The company initially focused on construction and engineering projects.
  • - In 1991, Essar expanded into the power sector, becoming India's first Independent Power Producer (IPP). The company later ventured into shipping in 1992 and telecom in 1995.

💡 Other Important Facts:

  • (i) Shashi Ruia was actively involved in various national and business organizations, including the Federation of Indian Chambers of Commerce and Industry (FICCI), where he served on the managing committee.
  • (ii) In 2017, he joined an elite list of achievers. He and his brother were honored with the "Business India Businessman of the Year Award" in 2010.
  • (iii) EGFL is the fourth-largest business house in India by assets.

📚 Test Your Knowledge:

Recently, Shashi Ruia, who passed away at the age of 81, was the co-founder of which group?

Correct Answer: Essar Group

🚀 Quick Recap: