Mentor, doyen of India's steel industry no more
Business Standard|November 27, 2024
Shashikant Ruia, patriarch of the billionaire Ruia family and co-founder of the Essar Group of companies, passed away late on Monday night, the family announced in a statement.
DEV CHATTERJEE
Mentor, doyen of India's steel industry no more

He was 81.

Condoling Ruia's death, Prime Minister Narendra Modi, in a post on X, said, "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the businesses landscape of India. He also set high benchmarks for innovation and growth. He was always full of ideas, always discussing how we can make our country better."

"Shashi Ji's demise is deeply saddening. My deepest condolences to his family and loved ones in this hour of grief," Modi said.

The Essar Group is currently led by his younger brother Ravi and his sons Prashant and Anshuman.

Ruia, along with Ravi, founded the Essar Group which went on to set up some of India's biggest projects, including a single-location oil refinery in Jamnagar in the late 90s. The Ruias sold the refinery to Rosneft of Russia for $13 billion in one of the largest foreign direct investments into India in 2017. The group had also set up a 10 mtpa steel plant in Hazira, Gujarat in the mid-90s, which was acquired by ArcelorMittal in an auction conducted by the banks in 2018. The fortunes of the project changed after its operations were hit by a lack of gas supply from the central government.

Esta historia es de la edición November 27, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición November 27, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BUSINESS STANDARDVer todo
CESS AND SENSIBILITY
Business Standard

CESS AND SENSIBILITY

Southern states say cess and surcharge eat into their share of resources, urge 16th Finance Commission to consider contribution to national economy

time-read
4 minutos  |
November 27, 2024
Over 6K pollution plaints in Delhi since Oct 2021; 38% still unresolved: CPCB
Business Standard

Over 6K pollution plaints in Delhi since Oct 2021; 38% still unresolved: CPCB

Delhi registered 6,170 complaints related to air pollution between October 15, 2021 and November 19, 2024, with 2,333 (38 per cent) of these remaining unresolved, according to data from the Central Pollution Control Board (CPCB).

time-read
1 min  |
November 27, 2024
Business Standard

India's transport future balances fossil fuels and clean tech

Fossil fuels will continue to play an important role in India's transportation sector, even as alternative fuel technologies see multifold growth.

time-read
1 min  |
November 27, 2024
Indians see wallets drain by ₹485 crore in 'UPI scams' in FY25
Business Standard

Indians see wallets drain by ₹485 crore in 'UPI scams' in FY25

Over 600,000 incidents of fraud have been reported in the ongoing financial year till September

time-read
1 min  |
November 27, 2024
Future of television is smart and networked
Business Standard

Future of television is smart and networked

The smart TV market has been stagnant. Is Dor the disruption it needs?

time-read
3 minutos  |
November 27, 2024
Business Standard

Centre spent ₹3,623 crore on crop residue mgmt since 2018: Environment minister

Since 2018, the Centre has spent ₹3,623.45 crore on crop residue management in Delhi, Punjab, Haryana, and Uttar Pradesh, with ₹1,681.45 crore allocated to Punjab, the highest among the states, Union Minister of State for Environment, Forest and Climate Change Kirti Vardhan Singh said in the Lok Sabha.

time-read
1 min  |
November 27, 2024
Business Standard

Silver prices as volatile as stocks: Should you pick gold or silver?

A Motilal Oswal Private Wealth (MOPW) report released on November 25 shows that between 1990 and October 2024, silver's price has been just as volatile as Indian stocks.

time-read
1 min  |
November 27, 2024
Tech stocks gain as recovery takes hold
Business Standard

Tech stocks gain as recovery takes hold

Nifty IT index hits all-time high as IT outlook turns positive

time-read
2 minutos  |
November 27, 2024
Adani group stocks settle in red
Business Standard

Adani group stocks settle in red

UNDER PRESSURE

time-read
1 min  |
November 27, 2024
Enviro Infra booked 89.9 times on last day
Business Standard

Enviro Infra booked 89.9 times on last day

The initial public offering (IPO) of sewage treatment solutions provider Enviro Infra Engineers was subscribed 89.90 times on the closing day of bidding on Tuesday.

time-read
1 min  |
November 27, 2024