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Shashi and Ravi RuiaOwners of Essar Gujarat
Country:
 India |
Content:
- Biography of Shashi and Ravi Ruia
- Building Essar Gujarat
- Success and Diversification
- Beliefs and Work Ethic
Biography of Shashi and Ravi Ruia
Early YearsShashi and Ravi Ruia are the owners of Essar Gujarat, a company founded over three decades ago by the Ruia family and currently chaired by Shashi Ruia and vice-chaired by Ravi Ruia. The Ruia family has been in business for generations and experienced a significant rise when they moved from Rajasthan, India to Mumbai. In 1956, the founder of the company, Kishore Ruia, relocated to Chennai to start his independent business. Following his untimely demise in 1969, his sons Shashi and Ravi took over the company.
Building Essar Gujarat
With a team of skilled professionals, the Ruia brothers built an excellent platform for the growth and improvement of Essar. In 1990, the Ruia duo acquired a small ore processing plant in Germany, which was later relocated to the western part of India. This led to a doubling of production, and Essar Gujarat became one of the most significant companies globally, with a majority of its products being exported. The brothers invested 1.5 billion dollars to establish this global production.
Success and Diversification
Their efforts paid off as Essar Gujarat quickly started competing with leading global steel companies. Today, the Ruia brothers have transformed their small family construction business into a conglomerate with interests in transportation, steel production, oil and gas, telecommunications, shipbuilding, and various financial activities. They also own a fuel refinery plant, which required an investment of over half a billion dollars. Their current net worth is estimated at eight billion dollars.
Beliefs and Work Ethic
The Ruia brothers believe that the majority of their family's success is due to the support of the Indian government, rather than their own genius and ingenuity. Ravi Ruia asserts that thanks to timely government reforms, Indian businessmen were presented with more opportunities. Today, the conglomerate continues to work diligently, involved in automobile manufacturing, oil exploration, telecommunications, and more.
