Shashi Kant cried81 years old Indian billionaire. who established together. Acer Grouphas passed away. Roya Brothers, Shashikant and others Ravi criedstarted his business venture in 1969 when he founded the Essar Group, which won its first contract of Rs 2.5 crore for the construction of an outer breakwater from the Madras Port Trust.
“It is with deep sadness that we report the passing away of Shri Shashi Kant Roya, patriarch of Roya and Essar family. He was 81 years old. With an unwavering commitment to community betterment and philanthropy, he contributed millions. touched lives, left a lasting impact. His humility, warmth, and ability to connect with everyone he met made him a truly extraordinary leader,” declared his brother Ravi Roya. , Co-founder of Acer Group, along with family members.
The family’s official statement said Shashikant Roya’s wonderful legacy will continue to inspire, as he upholds his principles and fulfills his wishes.
Initially, Acer focused on construction and engineering projects, developing critical infrastructure including bridges, dams, and power facilities. The company expanded its operations in the 1980s by entering the energy sector through various oil and gas acquisitions.
During the 1990s, Acer diversified into the steel and telecommunications industries. The company established steel manufacturing facilities and an oil refinery, as well as India’s second-largest telecom venture with Hutchison. Subsequently, they divested their telecommunications interests, sold their refinery to a Rosneft-led consortium, and relinquished control of the steel facilities to ArcelorMittal following bankruptcy proceedings due to outstanding debts.
Ruia chose to stay with the group instead of studying abroad, focusing on contributing to the company’s growth. His professional journey began with attending meetings and observing operations in various departments. By the age of 17, he had assumed key responsibilities within the group.
His involvement extended to prominent national organizations and industry groups. Roya served on the Managing Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), a leading Indian business association. Additionally, he chaired the Indo-US Joint Business Council and earlier headed the Indian National Shipowners Association (INSA). He also participated in PMK’s Indo-US CEOs Forum and India-Japan Business Council.
In 2007, Roya became part of a distinguished group of achievers, including Richard Branson, Peter Gabriel, Ray Chambers, Pam Omidyar, Amy Robbins and Richard Tarlow, who fund The Elders. The organization consists of well-known figures such as Desmond Tutu, Grassa Mitchell, Kofi Annan, Jimmy Carter, Li Zhaoxing, Mary Robinson and Muhammad Yunus, who collaborate to tackle global challenges.