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

'' 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 The College of Engineering, Guindy (CEG) is a public engineering college in Chennai, India and is Asia's oldest technical institution, founded in 1794. It is also the oldest technical institution to be established outside Europe. History Due ...

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 The Asian Awards is an annual award ceremony for the global Asian community which takes place in the United Kingdom, with 14 categories that include business, philanthropy, entertainment, culture and sport. Nominees are selected by an independen ...

London London is the capital and List of urban areas in the United Kingdom, 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 dow ...

. 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 plc () is a British multinational telecommunications company. Its registered office and global headquarters are in Newbury, Berkshire, England. It predominantly operates services in Asia, Africa, Europe, and Oceania. , Vod ...

, Rosneft 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 ...

. 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 Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical south-eastern region of Asia, consisting of the regions that are situated south of mainland ...

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 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