By FMTeam Shashi and Ravi Ruia, widely known as the Ruia Brothers, are leading businessmen in India who were the main founders of the Essar Group in 1969, did you know that? And sure, their once-small family business has now become a worldwide corporation with the following notable features: steel, oil and gas, power, and shipping industries. All in all, we can say that the Ruia brothers played a big role in making Essar not only a national giant but a worldwide one too, which means that the company also has a very notable presence overseas, you know? During their peak times in the country, you see, the Ruias topped the list of the richest men in India, the valuation of their property reaching 7 billion dollars in 2012.
Well, that was kinda something. In 2021, the family fortune was thought to be $2.2 billion, but they still had assets like the Stanlow Oil Refinery in the UK that were worth a lot. Sure, there have been some debt issues with them in recent times, but still, these are the two businessmen you should always know about if you have a particular interest in the business scene of the country. Alright, let’s see their life story a bit up close.
| Features | Details |
| Name | Shashi and Ravi Ruia (Ruia Brothers) |
| Known For | Co-founders of Essar Group |
| Net Worth | $2.2 billion (2021) |
| Age | Shashi Ruia: Born 1944, Ravi Ruia: Born 1949 |
| Nationality | Indian |
| Education | Ravi Ruia: Mechanical Engineering from College of Engineering, Guindy |
| Key Roles | Shashi Ruia (Chairman), Ravi Ruia (Vice-Chairman) |
| Company Founded | Essar Group |
| Founded Year | 1969 |
| Industries | Steel, Oil & Gas, Power, Shipping, Telecom |
Early Life and Background
Just so you know, Shashi and Ravi Ruia belong to a Marwari business family which is a generational business-focused community in India. So, now you know why they became successful businessmen, right? All in all, both brothers quickly stepped into the family construction business which was the ground for their later ventures, of course. The company was relatively modest at the beginning, and the brothers more or less directly fulfilled their roles. And as for the education discussion of these two, well, you see, Ravi Ruia obtained a bachelor’s degree in mechanical engineering while Shashi decided to take a position in the family business. One thing we can say for sure is that the pair had skills that quite effectively complemented each other such that a small family business turned into a massive company called Essar Group.
Founding of Essar Group
If you didn’t know yet, well, the Ruia brothers launched Essar in 1969 beginning on a small note: a contract to build a part of the breakwater on Chennai Port. And just so you know, yes, this first project has gone down in history as the basic brick of the business world. Essar began the progress of the development processes and is now in fact one of the business empires that operate in multiple sectors, for instance, industries like power, oil, gas, and shipping.
Global Expansion and Strategic Moves
Did you know that the Essar Group has witnessed an impressive global growth rate under the leadership of the Ruias? Yes, that’s a fact right there! Not just that though, you see, besides their kinda legendary leadership style, they have the guts to go all the way to invest at the correct time. Did you know that Essar was the first independent power producer in India in the 1990s, and they also entered the telecommunications sector through a partnership with Hutchison, which they eventually sold in one of India’s biggest telecom deals to Vodafone?
That doesn’t just end there, nah, you see, acquiring the Stanlow Refinery in the UK in 2011 was one of the biggest milestones of their huge success. In essence, it was the global expansion goal of Essar. Still, the most loud-mouthed deal was when they sold Essar Oil to Russian oil giant Rosneft for $13 billion, which is the most money ever attracted by foreign direct investment in India’s history, in 2017.
Recent Ventures and Future Focus
So, after overcoming the financial setbacks, the Ruia brothers went on to deliver more advanced, long-lasting products. And what’s that now? Well, the great thing about Essar now is that there is a chain of the manufacturing process that wins at the production of hydrogen, steel, and renewable technology. In our opinion, choosing this path shows that they have their sights set not only on profitability through their industry-leading technologies but they sure are pursuing environmentally friendly practices as well.