Shashikant Ruia passed away on Tuesday at the age of 81. The Ruia and Essar Family announced his demise, describing him as a visionary leader who redefined India's corporate landscape.

Taking to X, the Prime Minister posted, "Shri Shashikant Ruia Ji was a colossal figure in the world of industry. His visionary leadership and unwavering commitment to excellence transformed the business 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."

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

In a statement, the Ruia and Essar Family said, "It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact."

The family lauded his humility, warmth, and exceptional leadership, adding, "Shashikant Ruia's extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed."

Shashikant Ruia began his entrepreneurial journey in 1965 under the guidance of his father, Nand Kishore Ruia. He laid the foundation of the Essar Group, which evolved into a global conglomerate with diverse business interests and aggregate revenues of $14 billion.

A first-generation industrialist, Ruia was known for his innovative approach and was deeply involved in key business and diplomatic forums. He was a member of the Prime Minister's Indo-US CEO Forum and the India-Japan Business Council. Additionally, he served as the Chairman of the Indo-US Joint Business Council and was a former president of the Indian National Shipowners Association.

The company announced that Ruia's mortal remains would be kept at Ruia House for prayers, allowing loved ones and associates to pay their respects.

Ruia's legacy will continue to inspire future generations, the Essar Group stated, as the corporate world mourns the loss of one of its most iconic figures.