Ravi Ruia, is an Indian billionaire, and the owner of Essar Group, founded in 1969. He was declared one of the richest people along with his brother in 2012, by Forbes magazine.
He was in the news recently after the Indian billionaire bought a 113 million-pound ($145 million) property in London. This is believed to be one of the biggest residential transactions in the UK capital in recent years. According to news reports, Hanover Lodge was once home to the French ambassador to the UK.
Who is Ravi Ruia?
Ravi Ruia was born in April 1949. He is a mechanical engineer by profession, with a degree from the College of Engineering, Guindy in Chennai. Ravi began his career with his family business and has worked with his elder brother, Shashi Ruia, toward navigating the company to its current position of greatness, helping in the confederation of its businesses and setting up overseas ventures.
The two brothers, Shashi and Ravi, jointly founded Essar Global Fund Limited (EGFL) as a diversified global private fund exclusively managed by its investment manager, Essar Capital Limited. EGFL is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy (comprising Exploration & Production, Refining & Marketing, and Power businesses), Infrastructure (comprising Ports, Terminals and EPC businesses), Metals & Minerals, and Services & Technology (comprising Shipping, Oilfield services and Technology Solutions).
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.
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.
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.
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”.
In the summer of 2023, Ravi Ruia purchased the famous London mansion Hanover Lodge from Russian businessman Andrey Goncharenko for £113 million.
Ravi Ruia is married to Madhu Ruia and they have two children and currently live in Mumbai, India