Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Vodafone CEO Arun Sarin on Thursday met key members of the Ruia family, as part of efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring majority stake.
The Group of Elders include world leaders like -- Desmond Tutu, former UN Secretary Kofi Annan, Former US President Jimmy Carter, Li Zhaoxing, Mary Robinson, Bangladeshi economist Muhammad Yunus, Graca Machel, Gro Harlem Brundtland et al.
These service centres will be set up across India, North America and the Middle East to cater to specific steel requirements of the auto, white goods and SME sectors. Essar intends to set up about 15-20 such centres with a cumulative capacity of 4.2 million tonnes per annum as against the present 2.5 MTPA. The Rs 1,000 crore proposed for the project would include the costs incurred on expansion of the company's existing service centres, Essar Steel Group CEO J Mehra said.
Ruias owned Essar Steel on Monday announced that they have agreed to acquire Canadian Algoma Steel for an aggregate value of Canadian $1.8 billion (approx. US $1.58 billion) to be paid in cash.
The CEOs, sources said, also discussed the steps to raise domestic production of coal.
Industry is of the view that rising interest rates is increasing the input cost as loans are getting costlier.
Essar Group's Shashi and Ravi Ruia are the only new entrants in the list of the 10 richest Indians compiled by Forbes, while banker Uday Kotak jumped the most number of places among the top 40 billionaires. The Ruias jumped five places to the 7th position with a net worth of $12 billion, while Kotak with $4.6 billion hopped 11 positions to the 16th rank.
Asks India Inc for a list of concerns in 4 weeks, to coordinate policy response within 60 days; FM says prevailing cynicism based on perception, not facts.
The Ambani brothers, Mukesh and Anil, will share dais at Vibrant Gujarat Global Investors' Summit (VGGIS) beginning in Ahmedabad on January 12.
Essar Group has announced the appointment of Malay Mukherjee as chief executive officer of its steel business, effective from October 15. He will take charge from current CEO J Mehra, who will assume a new role as director, Essar Group, and will continue to support the promoter-directors in business strategy, investments, corporate relations and corporate governance.
Trade and commerce issues, bilateral and global, are expected to come up for debate.
Essar group on Friday said it will invest Rs 10,500 crore (Rs 105 billion) in a special economic zone at Hazira and augment the steel manufacturing capacity to nine million tonnes, besides expanding the Vadinar refinery.
Essar group plans to invest an additional Rs 10,000 crore (Rs 100 billion) in Gujarat, starting next financial year, in a bid to make the state the 'petrol capital' of India.
While the list of CEOs given to the French media mentioned Gautam Adani, the list given to the Indian media omitted his name.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
In 2007, Essar had said it would set up a $1.8-bn unit in Minnesota, but scaled down from a full-scale taconite steel mill project to pellet plant after the 2008 financial crisis
Which chief minister sat bare-footed, his feet on his chappals, at the Make In India jamboree as he pitched his state as an attractive investment destination to domestic and global investors?
How many 22 year olds gets the ears and eyes of Yogi Deveshwar, Kumarmangalam Birla, Shashi Ruia, T V Narendran and Naveen Patnaik?
Traders' body CAIT on Wednesday wrote to Reliance Industries chief Mukesh Ambani and 50 other captains of India Inc, including Ratan Tata, Azim Premji, Gautam Adani, Ajay Piramal, Anand Mahindra and Sunil Bharti Mittal seeking their support in its campaign to boycott Chinese goods. The Confederation of All India Traders (CAIT) also urged Kumar Mangalam Birla, Vikram Kirloskar, Rahul Bajaj, Shiv Nadar, Pallonji Mistry, Uday Kotak, Nusli Wadia, Shashi Ruia, Madhukar Parekh, Harsh Mariwala, Satish Reddy and Pankaj Patel, among other prominent industrialists, to join its 'Bhartiya Samaan-Humaara Abhimaan' campaign.
Days before US President Barack Obama's high-powered visit here, the US-India CEO Forum has been reconstituted with Cyrus Mistry replacing Ratan Tata as its co-chairman
Nokia's Chennai plant is under freeze over tax dispute.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
Prime Minister Narendra Modi is set to meet top Australian business leaders, including BHP Billiton CEO Andrew Mackenzie and HSBC Bank Australia CEO Tony Cripps, at a roundtable in Melbourne next week.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at Monday's US-India CEO Forum meeting, which will be jointly addressed by visiting US President Barack Obama and Prime Minister Narendra Modi.
This is the best time to be in India, Prime Minister Narendra Modi said today as he wooed top Australian corporate honchos to invest in the country which is undergoing reforms to improve business environment.
No business delegation has been cleared yet for Prime Minister Narendra Modi 's visit to America from Friday.
A home in Lutyens' Delhi is the surest sign of having arrived . . .
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
In the last couple of months, the Prime Minister has visited Japan and the US and launched the Make in India campaign to lure foreign investments into manufacturing sector.
A consummate deal-maker, the former Aircel boss raked in the moolah in many, but lost a packet in several others.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
The standoff between the government and the opposition in Parliament has showed no signs of easing after it erupted on the opening day of the Monsoon session on July 19.
In the Forbes rich list Mukesh Ambani is ranked 39th.
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
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