Born into an entrepreneurial family in Rajasthan, Ruia began his career in 1965 under the guidance of his father, Nand Kishore Ruia, before co-founding the Essar Group with his younger brother Ravi in 1969. The company's first major project, constructing an outer breakwater at Chennai Port, symbolized the brothers’ ambition and laid the foundation for the company’s rapid expansion into diverse industries. Over five decades, Ruia played a pivotal role in steering Essar into a global enterprise with significant operations in more than 20 countries.
Essar’s journey under Shashi Ruia's leadership exemplified innovation and resilience. The company was among the first Indian businesses to venture into private oil refining, with its state-of-the-art refinery in Gujarat, which was eventually sold to Rosneft in one of India’s largest private-sector deals. Ruia also led Essar's diversification into power generation, offshore oil drilling, and telecom, significantly influencing India's industrial landscape.
Prime Minister Narendra Modi and other leaders have expressed condolences, recognizing Ruia’s contributions to Indian industry. Modi described him as a "colossal figure" whose visionary leadership set high benchmarks for growth and innovation, reshaping the business ecosystem. Essar’s transformation from a small family-run business into a multinational conglomerate reflects the depth of his entrepreneurial acumen.