IIPM PUBLICATION
The Ruias are eager to regain their lost glory
The story
goes like this – an entrepreneur by heart, Nand Kishore Ruia moved to Bombay in 1956 leaving behind a well established (since 1800s) family trading business in Rajasthan to begin his independent business entity – Essar Group. But the untimely demise of Nand Kishore, put his sons Shashi Ruia (below) & Ravi Ruia in charge of the company. And as Chairman & Vice-Chairman of the company, both brothers have guided the group to new heights.
The company faced massive problems during the liberalization period due to a downturn in capital intensive industries. Undeterred by the ramifi cations, the Essar Group saw resurgence by diversifying into emerging sectors. Their early start in the sunrise telecom sector in partnership with Hong Kong-based Hutchison has made Essar a key player amongst Indian telecom service providers under the brand name Hutch. Apart from this, the Essar Group was a pioneer in the field of power & steel technology. The Group established the country’s first independent power plant and first new generation private steel plant. Currently, they operate the world’s largest gas-based hot briquetted iron plant with a production capacity of 3.5 million tones per annum. Shashi Ruia states tha
t he wants to make Essar “one of India’s premium producers and exporters of steel.”
With initiatives like the telecom foray taken in the post liberalisation era paying off handsomely under the current booming economic scenario, the Ruia brothers are now fast rising from the slump that hit them in late 1990s, which eventually led to their defaulting on payments to debtors. After paying off their debts, they are looking forward to expand their steel, shipping, power and oil & gas businesses.
The third generation is coming to play now. While the elder of Shashi Ruia’s two sons, Prashant has taken over steel, shipping & power division, his brother Anshuman is now steering telecom & construction business. One thing these junior Ruias have inherited is the risk-taking approach that runs in the family. Surely, the adage ‘Once bitten twice shy’ is not applicable in the case of the Ruias. But then, business was never the realm of the weak-hearted either.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2006
Dean of IIPM :- Professor Arindam Chaudhuri (Renowned Management Guru and Economist)
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The Ruias are eager to regain their lost glory
The story
goes like this – an entrepreneur by heart, Nand Kishore Ruia moved to Bombay in 1956 leaving behind a well established (since 1800s) family trading business in Rajasthan to begin his independent business entity – Essar Group. But the untimely demise of Nand Kishore, put his sons Shashi Ruia (below) & Ravi Ruia in charge of the company. And as Chairman & Vice-Chairman of the company, both brothers have guided the group to new heights.The company faced massive problems during the liberalization period due to a downturn in capital intensive industries. Undeterred by the ramifi cations, the Essar Group saw resurgence by diversifying into emerging sectors. Their early start in the sunrise telecom sector in partnership with Hong Kong-based Hutchison has made Essar a key player amongst Indian telecom service providers under the brand name Hutch. Apart from this, the Essar Group was a pioneer in the field of power & steel technology. The Group established the country’s first independent power plant and first new generation private steel plant. Currently, they operate the world’s largest gas-based hot briquetted iron plant with a production capacity of 3.5 million tones per annum. Shashi Ruia states tha
t he wants to make Essar “one of India’s premium producers and exporters of steel.”With initiatives like the telecom foray taken in the post liberalisation era paying off handsomely under the current booming economic scenario, the Ruia brothers are now fast rising from the slump that hit them in late 1990s, which eventually led to their defaulting on payments to debtors. After paying off their debts, they are looking forward to expand their steel, shipping, power and oil & gas businesses.
The third generation is coming to play now. While the elder of Shashi Ruia’s two sons, Prashant has taken over steel, shipping & power division, his brother Anshuman is now steering telecom & construction business. One thing these junior Ruias have inherited is the risk-taking approach that runs in the family. Surely, the adage ‘Once bitten twice shy’ is not applicable in the case of the Ruias. But then, business was never the realm of the weak-hearted either.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2006
Dean of IIPM :- Professor Arindam Chaudhuri (Renowned Management Guru and Economist)
For More IIPM Article, Visit Below....
IIPM Academics : Curriculum
Dialectical dilemma for Communists
IIPM : EDITORIAL & RESEARCH
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Cadbury: Kuch Meetha Ho Jaye (IIPM Editorial)
Why IIPM’s Course is superior to other MBA/BBA Programme
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IIPM RANKED AHEAD OF FIVE OF THE IIMS RATED AS ONE OF THE FASTEST ...
Is Communist leader calling Jyoti Basu the God, beginning of a trend?
Flying over to the land of the hula…
Time is changing for Time Warner...
More M&As expected in Indian IT, especially for mid-sized firms
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