Shashi Ruia and Ravi Ruia, commonly referred to as the Ruia Brothers, are Indian

billionaire A billionaire is a person with a net worth of at least one billion (1,000,000,000, i.e., a thousand million) units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. The American busin ...

s, and the owners of

Essar Group Essar Group is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. As Essar Global Fund Limited (EGFL), the company controls a number of assets across the core sectors of energy (oil refining, oil a ...

, founded in 1969. In 2012, ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

'' named the Ruia brothers as the world's richest Indians with a net worth of US$7 billion.

Ravi Ruia

Ravi Ruia was born in April 1949. He is a mechanical engineer by profession, with a degree from College of Engineering, Guindy in

Chennai Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...

. He is married to Madhu, they have two children, and live in Mumbai, India.

Career

Ruia has played a critical role in steering the

to its pre-eminent position. Among the industrialists who have bought India's renaissance Ravi Ruia is said to be one of them. He started his career with his family business and worked with Shashi Ruia, his elder brother. Essar Group is a multinational conglomerate and a leading player in the sectors of steel, oil and gas, power, communications, shipping, ports and logistics, projects and minerals. With operations in more than 20 countries across five continents, the group employs 75,000 people, with revenues of US$17 billion. Having acquired the Stanlow refinery from Shell in 2011, the Essar Group continued a strategy of international diversification. In April 2013 Ravi Ruia was awarded the Outstanding Contribution to Sustainability award at The Asian Awards in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

. It is projected that in FY 2017–18, the aggregated revenues of the portfolio companies is US$15 billion. The international standards of safety, health, environmental protection and corporate governance are maintained by the companies which operate with more than 50 assets across the globe. Essar businesses in the telecom, BPO and oil & gas sectors have involved more than $30 billion in Foreign Direct Investment by monetizing its portfolio to global majors, like

Vodafone Vodafone Group Public limited company, plc () is a British Multinational corporation, multinational Telephone company, telecommunications company. Its registered office and Headquarters, global headquarters are in Newbury, Berkshire, England. It ...

Rosneft PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...

and

Trafigura Trafigura Group Pte. Ltd. is a Singaporean-based Swiss multinational commodity trading company founded in 1993 that trades in base metals and energy. It is the world's largest private metals trader and second-largest oil trader having built or p ...

. Essar Energy completed the transaction for the sale of Essar Oil to Rosneft and a consortium led by Trafigura & UCP at an enterprise valuation of US$12.9 billion. This transaction represents Russia's largest ever foreign investment, as well as India's largest Foreign Direct Investment. He was the 12th richest person living in the UK, as in the Sunday Times Rich List 2011. Ruia managed Essar's globalization plans, including new ventures in South East Asia,

Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...

, and the Middle East. He has received Business

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

Businessman of the Year Award 2010. In December 2011, India's

Central Bureau of Investigation The Central Bureau of Investigation (CBI) is the premier investigating agency of India. It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions. Originally set up to investigate bribery and governmen ...

commenced an investigation concerning Ruia for the sale of India's 2G spectrum, which was denied by the Essar Group. After a lengthy legal process, in December 2017, the Indian Courts acquitted Ruia of any impropriety in the case, holding that the prosecution had "miserably failed to prove any charge against any of the accused".

References

{{DEFAULTSORT:Ruia, Sashi and Ravi Living people Rajasthani people Businesspeople from Mumbai 2G spectrum case Indian businesspeople in the oil industry Business duos Indian billionaires Year of birth missing (living people) People charged with corruption

Ravi Ruia

Career

See also

References