Shashi Naraindas Ruia, born 22 March 1943 in Chennai, was the co-founder (with his younger brother Ravi) of the Essar Group — at its peak in the early 2010s, India's largest privately held industrial conglomerate with businesses in steel, oil refining, telecom, and power. He passed away on 26 November 2024 at the age of 81.
The Family's Roots: The Rajasthani Marwari Family of Chennai
The Ruia family is Marwari (originally from Rajasthan), settled in Chennai for generations. Shashi's father Nand Kishore Ruia ran a small construction business.
His Brother: Ravi Ruia
Ravi Naraindas Ruia, born 20 May 1949 — Shashi's younger brother and co-founder of Essar. Vice-chairman of the group; now its senior surviving founder.
His Wife: Manju Ruia
Manju Ruia was Shashi's wife.
His Sons
Prashant Ruia, born around 1964 — eldest son; Managing Director and CEO of the Essar Group.
Anshuman Ruia — son; works on Essar's oil and gas operations.
Smiti Ruia — daughter.
The Essar Story
The Ruias started the Essar Group in 1969 in the construction business. They diversified through the 1980s and 1990s into shipping, oil refining, telecom (Hutchison Essar/Vodafone), and steel. The 2010s brought financial troubles — Essar Steel was eventually acquired by ArcelorMittal-Nippon Steel for $5.7 billion in 2019 through the IBC bankruptcy process, the largest such resolution in Indian history.
The Ruia Family Tree at a Glance
Father: Nand Kishore Ruia — small Chennai construction businessman.
Brother: Ravi Ruia (b. 20 May 1949) — co-founder of Essar.
Wife: Manju Ruia.
Children: Prashant Ruia (b. ~1964); Anshuman Ruia; Smiti Ruia.
Shashi Ruia:
- Born 22 March 1943, Chennai
- Died 26 November 2024, Mumbai (age 81)
- Co-founded Essar Group in 1969 with brother Ravi
- Chairman of the Essar Group through its growth and crisis decades
What the Ruia Family Story Teaches Us
A small Chennai construction-family father. Two brothers who together built one of India's largest conglomerates. A 2019 forced sale of the flagship Essar Steel through the bankruptcy process. A founder who died at 81 with his name still on the company he built across half a century.
For every family — large or small, famous or otherwise — the Ruia story carries the same lesson. Family businesses sometimes face crises that force the sale of their most-defining assets. The Essar Steel sale was a 2019 event that changed everything for the family — but it did not erase what came before. Write down both the triumphs and the difficult sales. The tree records the full record, not just the wins.
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