The performance of The Essar Group over the past ten years does not provide a positive picture. Although there was a slight recovery to $15 billion in 2022, the revenue decline is unlike any other, going from a peak of $27 billion in 2012 to $13 billion in 2019.

The co-founders of the Mumbai-based organisation, Shashi and Ravi Ruia, have witnessed a comparable decline in their own wealth. They frequently appeared in the top 10 of the Forbes India Rich List of the nation's 100 richest persons in the 2000s. The two brothers, however, have fallen in status during the past five years. They were at 67 in 2020, but in the years that followed, they were completely removed from the list. The brothers, who began with a little enterprise in Chennai in 1969 and went on to establish an empire spanning the steel, electricity, ports, and refinery sectors, would have been incensed by these. Although the group had a respectable top line, it was weighed down by a huge amount of debt, therefore they were willing to pay this price in exchange for a reset. It was among the most for any business house in the country at $25 billion, or Rs 2 lakh crore.

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