How Rich Are Billionaire Brothers and Founders of Essar Group Shashi and Ravi Ruia?
| Name | Shashi and Ravi Ruia |
| Net Worth | $6.9 billion |
| Gender | Male |
| DOB (Shashi Ruia) | 1943 (80 years) |
| DOB (Ravi Ruia) | 1949 (74 years) |
| Nationality | Indian |
| Profession | Businessperson, Entrepreneur |
What is Shashi and Ravi Ruia's net worth?
Indian entrepreneurs and founders of the Essar Group, an Indian multinational conglomerate involved in energy, steel, infrastructure, and services, Shashi and Ravi Ruia have a combined net worth of $6.9 billion. Established in 1969, the group, operating in over 25 countries, generates nearly $40 billion in revenue. Shashi Ruia holds the position of Chairman while Ravi Ruia serves as Vice Chairman. Forbes recognized them as the world's wealthiest Indians in 2012.
The brothers acquired US-based Trinity Coal for $600 million in 2010. In 2011, Ravi Ruia faced corruption charges from India's Central Bureau of Investigation. Despite this, he received the Outstanding Contribution to Sustainability award at The Asian Awards in 2013. In 2014, Greenpeace activists protested the Essar Group's coal mining plans in central India by gate-crashing their Mumbai office. The group holds a one-third stake valued at $2 billion in Hutchison Essar, a cellular operator. Shashi Ruia's sons, Prashant and Anshuman Ruia, are also part of the Essar Group.
Ruia Brothers' sources of income
Essar Group
Ravi Ruia has played a crucial role in taking the Essar Group to its prominent position in various industries. Considered among the industrialists contributing to India's renaissance, Ruia entered the family business alongside his elder brother, Shashi Ruia. The Essar Group, a multinational conglomerate, excels in steel, oil and gas, power, communications, shipping, ports and logistics, projects, and minerals. Operating in over 20 countries with 75,000 employees, the group generates revenues of $17 billion.
In 2011, the Essar Group acquired the Stanlow refinery from Shell, marking a strategy of international diversification. Ravi Ruia received the Outstanding Contribution to Sustainability award at The Asian Awards in London in April 2013.
Billion dollar revenue
By FY 2017-18, the portfolio companies' aggregated revenues reached $15 billion, maintaining international standards of safety, health, environmental protection, and corporate governance across 50 global assets. Essar's businesses in the telecom, BPO, and oil & gas sectors attracted over $30 billion in Foreign Direct Investment, involving major global players like Vodafone, Rosneft, and Trafigura. The sale of Essar Oil to Rosneft and a consortium led by Trafigura & UCP, valued at $12.9 billion, represented Russia's largest foreign investment and India's largest Foreign Direct Investment.
2G spectrum investigation
In December 2011, the Indian Central Bureau of Investigation initiated an investigation into Ruia regarding the sale of India's 2G spectrum, which the Essar Group denied. In December 2017, after a prolonged legal process, the Indian courts acquitted Ruia of any impropriety, stating that the prosecution had failed to prove any charges against him.
12th Richest Person
Ranked as the 12th richest person in the UK in the Sunday Times Rich List 2011, Ruia oversaw Essar's globalization initiatives, venturing into Southeast Asia, Africa, and the Middle East. He was honored with the Business India Businessman of the Year Award in 2010.
Real estate
In the summer of 2023, Ravi Ruia acquired the renowned London mansion, Hanover Lodge, from Russian businessman Andrey Goncharenko for £113 million ($143.11).
Personal life
Shashi Ruia
In 2007, Shashi Ruia joined a distinguished group of contributors, including Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins, and Richard Tarlow, who individually support The Elders. The Elders consist of globally recognized personalities such as Desmond Tutu, Graça Machel, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson, and Muhammad Yunus, united to address the world's most challenging issues.
Ruia also received the Business India Businessman of the Year Award in 2010. Recognized as a key figure in shaping modern India, Shashi Ruia holds a deep commitment to education and mentoring young talent. He takes pride in the achievements of Essar employees under his leadership.
Ravi Ruia
Ravi has spearheaded Essar's global expansion initiatives, navigating new ventures in the United States, Africa, South East Asia, and the Middle East. He has played a key role in orchestrating various investments and divestments for Essar on a global scale. Ravi's noteworthy contributions were recognized when he received the Business India Businessman of the Year Award in 2010. Ravi Ruia married Madhu Ruia with whom he shares two children and a home in Mumbai, India.
FAQs
What happened to the Ruia brothers?
In 2019, the Ruias sold Essar Steel to Lakshmi Mittal's ArcelorMittal and Japan's Nippon Steel. They still own the profitable Stanlow oil refinery in the U.K. through their private company, Essar Energy. Since 2017, the brothers have successfully repaid $20 billion in debt.
Who is the current owner of Essar?
The Ruia family is the founding family of Essar, which includes Shashi Ruia and Ravi Ruia, and their children Prashant Ruia, Anshuman Ruia, Smiti Kanodia, and Rewant Ruia.
When was Essar founded?
The Essar Group was established by Shashi Ruia and Ravi Ruia in 1969, in South India.