The Ruias built Essar Steel into one of India's largest privately owned steel businesses before entering India’s insolvency process in 2017 and changing ownership in 2019. Now, almost a decade later, the Ruias are seeking to build a new steel business in the US with an ambitious project President Donald Trump has just announced as "the largest plant in America by far.
The Ruia family business empire began in 1969 when founders Ravi Ruia and his elder brother late Shashi Ruia started a construction and pipeline company in Chennai, which rapidly grew into the sprawling Essar Group. At its peak, the conglomerate owned a massive portfolio spanning steel manufacturing, oil refineries and retail stations, global shipping fleets, telecom networks (Hutchison Essar), power plants and major ports.
