Essar Group founder Shashikant Ruia passes away at 81, PM expresses grief

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Essar Group founder Shashikant Ruia passes away at 81, PM expresses grief - Business Standard

Quick Summary:

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.

Over the next three decades, with the Indian economy opening up, the brothers diversified into several sectors including oil and gas, steel manufacturing, mining, ports, shipping, power and telecommunications with a 33 per cent stake in a joint venture with Vodafone PLC.

The group sold its stake in the telecom venture to their partner Vodafone PLC for $5 billion in 2011 in one of the most successful exits from the telecom sector.