Shashi & Ravi Ruia net worth
Current Net Worth – 2.2 Billion (USD – 220 Crores), (Rupees – 17.08 Thousand Crores)
Shashi & Ravi Ruia short biography
| Net Worth | $2.2 Billion |
|---|---|
| Identified as | Owners of Essar Group |
| Status | Indian Businessman |
| Nationality | Indian |
| Residence | Mumbai, India |
Shashi & Ravi Ruia has a net worth of $2.2 Billion (Rupees – 17,088 Crores), making both of them one of the Top 100 Richest men in India.
The Ruia Brothers, also known as Shashi and Ravi Ruia, are the founders of the Essar Group, which was established in 1969.
The Essar company, founded by Mumbai brothers Shashi and Ravi Ruia, has interests in infrastructure, metal, mining shipping, and oil refining.
The brothers will commemorate the 50th anniversary of the group’s founding in Chennai in February 2020.
Through privately owned Essar Energy, the Ruias still own the lucrative Stanlow oil refinery in the United Kingdom.
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Shashi & Ravi Ruia biography
Ravi Ruia was born in the month of April in the year 1949.
According to the 2011 Sunday Times Rich List, Ravi Ruia was the 12th richest individual in the UK.
Education
Ravi Ruia is a mechanical engineer with a degree from the Guindy College of Engineering in Chennai.
Career
Ruia has been instrumental in guiding the Essar Group to its current place of dominance. Ravi Ruia is said to be one of the industrialists who have purchased India’s revival.
Ravi began his career in his family’s industry, where he worked alongside his older brother, Shashi Ruia.
The Essar Group is a global conglomerate that operates in the oil and gas, steel, electricity, electronics, ports and logistics, minerals sectors, transportation, and ventures.
The company employs 75,000 employees and generates sales of US$17 billion from activities in more than 20 countries spanning five continents.
The Essar Group continued its foreign diversification policy after purchasing the Stanlow refinery from Shell in 2011.
Essar Energy has completed the selling of Essar Oil to Rosneft and a consortium led by Trafigura and UCP, for a total enterprise value of US$12.9 billion. This is Russia’s biggest foreign investment to date, as well as India’s largest foreign direct investment.
The portfolio companies’ combined sales are expected to reach $15 billion in FY 2017–18.
Private & early life
Ravi Ruia is married to Madhu and they live in Mumbai, India, with their two daughters.
The Ruia brothers were rated the world’s richest Indians by Forbes in 2012, with a net worth of US$7 billion.
The brothers have repaid $20 billion in loans since 2017.
In 2019, they completed the selling of their Essar Steel to steel billionaire Lakshmi Mittal’s ArcelorMittal and Japan’s Nippon Steel.
Controversy
Ruia was investigated by India’s Central Bureau of Investigation in December 2011 for the selling of India’s 2G spectrum, which the Essar Group refuted.
Ruia was cleared of any wrongdoing in the case by Indian courts in December 2017, after the prosecution “miserably refused to prove any allegation against any of the defendants” after a long judicial review.
Awards
Ravi Ruia received the Outstanding Contribution to Sustainability award at The Asian Awards in London in April 2013.
Net worth statistics
- March 2012 – $7.0 B
- March 2013 – $8.9 B
- March 2014 – $4.9 B
- March 2015 – $4.5 B
- March 2016 – $5.0 B
- March 2017 – $5.5 B
- March 2018 – $3.4 B
- March 2019 – $2.8 B
- April 2020 – $2.2 B
- April 2021 – $2.2 B
