Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.
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.
Bollywood actress Sonali Bendre, whose ethereal beauty and acting talent made her a popular choice for many 90s films and earned her a loyal fan base, has firmly denied rumours linking her to Maharashtra Navnirman Sena (MNS) chief Raj Thackeray after an old video of the two went viral.
'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.
'It can position itself as a China Plus One solution, fulfilling the demands of developed economies.'
TTD Board member Bhanu Prakash Reddy has apologiesed for the incident and stated that the trust would conduct an inquiry in this regard and take appropriate action.
Musk said on Friday that he believes India-US ties are "trending positive" and that he favours an enhanced trade partnership between the two nations.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
Dunlop & Jessop head for closure & new ventures abroad yet to inspire but tycoon says he's still going strong.
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.
Reliance Comm wants all of Hutch Essar at one go.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
The performance of his business has moved in tandem with his connections to the ruling party.
Getting the first tyres out from the Sahaganj plant will still require a lot of effort, but with the state government on its side, the hopes are high.
Without assigning any reason, Justice Dave, who was part of the bench headed by Chief Justice Altamas Kabir, opted out of hearing the pleas of Mittal and Ruia challenging the summons issued to them in the case.
'When I see people's faces I can see that there is a certain sadness in their eyes which makes me unhappy as a person.' 'I want to see people happy in their lives.'
The Ruia group, which had taken over ailing companies like Jessop and Dunlop India for turnaround, is also eyeing the sugar sector.
The directorate of revenue Intelligence has issued a show cause notice to Pawan Kumar Ruia, who had acquired public sector engineering giant Jessop & Co and ailing tyre company Dunlop India Ltd, for allegedly claiming false export benefits.
Special CBI Judge O P Saini adjourned Monday's proceedings in the wake of stay granted by the Supreme Court on separate pleas filed by Mittal and Ruia challenging the March 19 order of the trial court summoning them as accused in the case.
Special CBI Judge O P Saini adjourned today's proceedings after advocate Siddharth Agarwal, appearing for Mittal, said the Supreme Court is scheduled to hear in March the separate pleas filed by Mittal and Ruia challenging the March 19, 2013 order of the trial court summoning them as accused in the case.
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.
The Ruias have received overwhelming response from international banks for funding of their proposed bid to pick up Hutchison's 67 per cent equity stake in Hutchison-Essar Ltd, in which they hold the remaining stake.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
A bench headed by Chief Justice Altamas Kabir issued notice to CBI seeking its response on the petition filed by Ruia challenging the Special CBI Court's order summoning him as an accused in the case.
Essar Shipping Ports & Logistics on Thursday said Ravi Ruia, who is also the Vice-Chairman of Essar Group, has resigned from the company's board with immediate effect due to other commitments.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
The apex court would hear the matter on March 1 and the outcome would decide the forum and the course of trial.
A group spokesperson declined to comment on the size of the forthcoming deal. The market capitalisation of the company is $400 million (Rs 1,840 crore).
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
Bharti group chairman Sunil Bharti Mittal today asserted that the question of buying Hutchison's stake in its Indian joint venture Hutchison Essar Ltd would only arise after the Ruias had decided the future course of action.
The Ruias are contemplating approaching the Ministry of Company Affairs for its views on the Right of First Refusal (RoFR) clause in their shareholders' agreement with Hutchison Telecom International Ltd (HTIL).
A consortium of bankers that will fund the Ruias' bid for Hutchison's 67 per cent equity stake in Hutchison Essar Ltd will begin "due diligence" on the company in the next few days
The court, after going through the apex court's order on separate petitions filed by Mittal and Ruia, listed the matter on April 16 for further proceedings. The apex court will hear their pleas on April 15.
Noted industrialist Pawan K Ruia, who had bought public sector engineering giant Jessop through National Democratic Alliance's divestment scheme
The recession-hit company had earlier temporarily shut its plants at both Sahagunj, near Kolkata, and Ambattur, near Chennai. But with the rising demand in the the automobile sector, it was decided to resume production. According to Ruia, the Ambattur plant will resume operation from October 19.
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