Ravi Ruia
Mumbai, India
India
diversified
$2,800,000,000
804
#804 Billionaires 2019
#49 India's Richest 2018
Mumbai brothers Shashi & Ravi Ruia's Essar Group has interests in shipping and oil refining.Their Essar Steel, with debt of nearly $7 billion, is being sold under India's Insolvency and Bankruptcy Code.Steel baron Lakshmi Mittal's bid for Essar Steel, through his Arcelor Mittal, was approved by the company's creditors. A $7.6 billion settlement by the Essar Steel siblings was turned down by the bankruptcy court in January 2019. The brothers are expected to appeal.The Ruias still own the profitable Stanlow oil refinery in the U.K. through privately held Essar Energy.
The siblings concluded a long-pending deal in August 2017 to sell their Essar Oil assets to Russian oil-producer Rosneft for $12.9 billion. The brothers regard 13 as their lucky number.
Ravi Ruia
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