Top 10 Wealthiest Indian Entrepreneurs in 2012
8. Shashi & Ravi Ruia
$8.1 billion
Source: Diversified
Age: 68. Married, 2 children
Age: 63. Married, 2 children
Residence: Mumbai/London
Ruia Brother’s Essar Group is a $27 billion conglomerate with operations in 25 countries. It has spent $18 billion since 2008 to expand capacities in steel and oil refining. Shares of its London-listed Essar Energy more than halved in past year because of delays in getting approvals for mining coal and by a Supreme Court ruling that it was liable to prepay more than $1 billion in state taxes. In May, Antwerp Port Authority bought minority stake in their Essar Ports. Brothers are looking to bring down group’s $12 billion debt.
Fast facts
In August, the group moved into new corporate headquarters in the Bandra-Kurla Complex, an upcoming financial district in suburban Mumbai; the brothers continue to operate from old downtown offices.
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