SHASHI AND RAVI RUIA
RICHEST PEOPLE OF INDIA – SHASHI AND RAVI RUIA
The Essar Group is a multinational conglomerate corporation in the sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics as well as Construction headquartered at Mumbai, India. Essar is managed by Shri.Shashi Ruia, Chairman – Essar Group and Shri.Ravi Ruia, Vice Chairman Essar Group. Essar began as a construction company in 1969 and diversified into manufacturing, services and retail.
Over four decades, brothers built Essar Group into $15 billion (revenues) conglomerate whose interests include steel, oil, shipping, power, telecom and construction. Raised $1.85 billion in May IPO of Essar Energy, the largest ever listing in London by an Indian firm. Company reported 28% fall in half-yearly net profit to $112 million, after the floatation. Still in talks with Shell to acquire two European refineries.
Brothers mulling partial listing of their one third stake in Vodafone Essar. Bought American miner Trinity Coal for $600 million; sold telecom tower unit to American Tower for $430 million. Younger sibling Ravi oversees global expansion from London.
