->Chris the speller: /* Career */replaced: Investment.He → Investment. He (2)

2021-12-22T05:50:46Z

Career: replaced: Investment.He → Investment. He (2)

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{{Short description|Indian businessman}}
{{Use Indian English|date=February 2018}}
{{Use dmy dates|date=June 2017}}
{{Infobox person
|name = Sashi Ruia <br/> Ravi Ruia
|image =
|caption =
|birth_place =
|birth_date =
|nationality = Indian
|networth = [[United States dollar|$]]2.2 billion (jointly with brother, June 2017)<ref name=Forbes>{{cite web|title=Forbes profile: Shashi & Ravi Ruia |url=https://www.forbes.com/profile/shashi-ravi-ruia/ |website=Forbes |accessdate=24 August 2020}}</ref>
|occupation = Businessmen
|parents =
|children =
}}

'''Shashi Ruia''' and '''Ravi Ruia''', commonly referred to as the '''Ruia Brothers''', are Indian [[billionaire]]s, and the owners of [[Essar Group]], founded in 1969.

In 2012, ''[[Forbes]]'' named the Ruia brothers as the world's richest Indians with a net worth of US$7 billion.<ref name=Forbes />

==Ravi Ruia==
Ravi Ruia was born in April 1949.<ref>{{cite web|url=https://beta.companieshouse.gov.uk/officers/DD7wWypB1fzmK82V069Yd4K96CA/appointments |title=Ravi RUIA - Personal Appointments (free information from Companies House) |publisher=Beta.companieshouse.gov.uk |date= |accessdate=6 June 2017}}</ref> He is a mechanical engineer by profession, with a degree from [[College of Engineering, Guindy]] in [[Chennai]].<ref>{{cite web|url=https://www.thebetterindia.com/153870/college-engineering-guindy-chennai-news/|title=India's Oldest Engineering College Turns 225: 6 Alumni Who Have Made Guindy Proud!|publisher=The Better India|author=Vidya Raja|date=31 July 2018}}</ref><ref>{{cite web|url=http://chillyworld.com/top-20-richest-indians-do-you-know-them/16/|title=Top 20 Richest Indians: Do You Know Them? - Chilly World - Page 16|author=|date=|website=chillyworld.com|accessdate=15 February 2018}}</ref>

He is married to Madhu, they have two children, and live in Mumbai, India.<ref name=Forbes />

===Career===
Ruia has played a critical role in steering the [[Essar Group]] to its pre-eminent position.<ref>{{cite web|url=http://www.4-traders.com/business-leaders/Shashi-Ruia-1089/biography/|title=Shashi Ruia - Biography|last=4-traders|date=|website=www.4-traders.com|accessdate=15 February 2018}}</ref> 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.<ref name=NBMCW>{{cite web | url=https://www.nbmcw.com/equipment-machinery/80-people-watch/33333-ravi-ruia-vice-chairman-and-co-founder-essar.html | title=Ravi Ruia, Vice Chairman and Co-founder, Essar | work=New Building Material & Construction World | date=July 2015 | accessdate=14 February 2018}}</ref> 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.<ref>{{cite web|url=https://customers.microsoft.com/en-us/story/multinational-conglomerate-improves-service-offerings|title=Multinational Conglomerate Improves Service Offerings with Cloud Power|author=|date=|website=microsoft.com|accessdate=15 February 2018}}</ref>

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]] in [[London]].

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.<ref>{{cite web|url=https://www.weforum.org/people/prashant-ruia|title=Prashant Ruia|author=|date=|website=World Economic Forum|accessdate=15 February 2018}}</ref> 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]], [[Rosneft]] and [[Trafigura]].<ref>http://www.essar.com/section_level1.aspx?cont_id=SD7sjPUVBkw=</ref> 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.<ref>{{cite web|url=http://www.thehindubusinessline.com/companies/essar-oil-completes-rosneft-deal-for-129-billion/article9824587.ece|title=Essar Oil completes sale of India assets to Rosneft-led consortium for $12.9 bn|author=|date=|website=thehindubusinessline.com|accessdate=15 February 2018}}</ref> 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]], [[Africa]], and the Middle East. He has received Business [[India]] Businessman of the Year Award 2010.<ref name=NBMCW />

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.<ref>{{cite web|url=https://www.forbes.com/sites/naazneenkarmali/2011/12/12/essar-groups-ruias-charged-in-telecom-investigation/#619bce8ba5dd|title=Essar Group's Ruias Charged In Telecom Investigation|first=Naazneen|last=Karmali|date=|website=forbes.com|accessdate=15 February 2018}}</ref>

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".<ref>{{Cite news|last=Kumar|first=Nirnimesh|date=2017-12-21|title=Ruias, Khaitans too acquitted|language=en-IN|work=The Hindu|url=https://www.thehindu.com/news/national/ruias-khaitans-too-acquitted/article22176380.ece|access-date=2020-07-21|issn=0971-751X}}</ref>

==See also==
* [[David and Frederick Barclay]]

==References==
{{reflist}}

{{DEFAULTSORT:Ruia, Sashi and Ravi}}
[[Category:Living people]]
[[Category:Rajasthani people]]
[[Category:Businesspeople from Mumbai]]
[[Category:2G spectrum case]]
[[Category:Indian businesspeople in the oil industry]]
[[Category:Business duos]]
[[Category:Indian billionaires]]
[[Category:Year of birth missing (living people)]]

Shashi and Ravi Ruia - Revision history

->Chris the speller: /* Career */replaced: Investment.He → Investment. He (2)