Ruias of Essar Hit the Reset Button
The Essar Group may have paid off its debt and brought about more operational transparency, but the promoters still have a long way to go before they are free of the burden of the past.
The Essar Group's performance during the previous ten years does not paint a positive picture. There has never been a decline in revenue this steep, from a peak of $27 billion in 2012 to $13 billion in 2019, with a slight uptick to $15 billion in 2022.
The personal fortune of the co-founders of the Mumbai-based organisation, Shashi and Ravi Ruia, has declined in a comparable manner. They frequently appeared in the top 10 of the Forbes India Rich List, which lists the 100 richest individuals in the nation, in the 2000s. However, the two brothers have fallen in the ranks during the past few years. They reached the age of 67 in 2020 before completely disappearing from the list the following year.
Read more at: https://themorningcontext.com/business/ruias-of-essar-hit-the-reset-button
The personal fortune of the co-founders of the Mumbai-based organisation, Shashi and Ravi Ruia, has declined in a comparable manner. They frequently appeared in the top 10 of the Forbes India Rich List, which lists the 100 richest individuals in the nation, in the 2000s. However, the two brothers have fallen in the ranks during the past few years. They reached the age of 67 in 2020 before completely disappearing from the list the following year.
Read more at: https://themorningcontext.com/business/ruias-of-essar-hit-the-reset-button
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- January 6, 2023