Shashikant Ruia, 81, the billionaire industrialist who co-founded the Essar group, died on Monday after a prolonged illness.

He is survived by his wife Manju and two sons Prashant and Anshuman.

“It is with profound grief that we inform of the passing of Shashikant Ruia, patriarch of the Ruia and Essar family. He was 81.

“With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader,’’ a statement from the metals-to-technology conglomerate said.

“An iconic industrialist, Shashikant Ruia, chairman, Essar group, played a significant role in redefining India’s corporate landscape. He laid the foundation of the Essar Group and made it a global conglomerate. Shashikant Ruia’s extraordinary legacy will remain a guiding light for all of us, as we honour his vision and continue to uphold the values, he cherished and championed,’’ the group added.

Reports said he passed away in Mumbai around midnight. He had returned from the US, where he was undergoing treatment, about a month back.

Starting his career in 1965 under the guidance of his father Nand Kishore Ruia, Shashi and his brother Ravi laid the foundation of Essar in 1969 when they bagged a ₹2.5 crore order to build an outer breakwater for the Chennai port.

In the 1980s, Essar diversified into the energy sector with the acquisition of oil and gas assets. It also became the country’s first independent power producer when it started a power plant at Hazira in Gujarat in 1991.

A decade later, it became a significant player in steel and telecommunications, setting up a large steel plant in Gujarat. It also set up an oil refinery in Gujarat. It later exited the telecom and steel businesses in India.

Prime Minister Narendra Modi called Ruia a ‘towering figure’ in his condolence message.