Who Are Shashi And Ravi Ruia? The Brothers Behind Essar's $18-Billion US Bet
Brothers Shashi and Ravi Ruia are the founders of the Indian conglomerate Essar, which is currently involved in a massive steel project in the United States. The company has evolved from a small infrastructure firm in 1969 into a global conglomerate spanning multiple sectors.
Why it matters
The expansion of an Indian conglomerate into the US steel market represents a significant cross-border business development with geopolitical implications.
When US President Donald Trump announced a massive new steel project backed by India's Essar Group in the US, the spotlight fell on the company. But behind Essar is a family business story that began more than five decades ago.At the centre of it were brothers Shashi Ruia and Ravi Ruia.In 1969, the brothers founded Essar with a relatively modest infrastructure project. The company won a Rs 2.5 crore contract to build an outer breakwater at Chennai port. At the time, projects of that scale were largely handled by foreign construction companies.More than five decades later, Essar is back in the headlines with a multibillion-dollar US steel expansion.The US project is being developed through Essar-backed Mesabi Metallics. Trump has described the proposed Iowa steel mill as one of the largest steel plants in American history.
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