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Shashi & Ravi Ruia: Born entrepreneurs
December 14, 2007
The Ruias have entered the Forbes list of the 10 richest Indians for the first time with a wealth of $12 billion, and are at the seventh spot. The Essar Group was founded over three decades ago by the Ruia family who migrated to Mumbai from Rajasthan.
The Ruias have been in business since the 1800s. Essar Chairman Shashi Ruia recently remarked about the entrepreneurial spirit that runs in the family: 'I am not just an MBA, but also an MBB (Marwari by birth).'
In 1969, following their father Nand Kishore Ruia's death, Shashi and Ravi Ruia took over the group. Soon, they transformed a small family business into a diversified corporation dealing in shipping, steel, oil and gas, and telecom.
In 2007, the brothers earned $6.3 billion selling their 33 per cent stake in Hutchison-Essar to Vodafone. Shashi Ruia has been instrumental in the company's foray into several new businesses like steel, power, construction, shipping, and oil & gas.
Ravi Ruia is known for his entrepreneurial skills, innovative spirit and an eye for detail that has enabled the Essar group gain global recognition. Essar is the fourth largest industrial house in India in terms of assets.
Also read: It's Vodafone Essar! Ruias have $5 bn exit option
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