The document provides biographical information about Shashi and Ravi Ruia, brothers who are the chairman and vice chairman of Essar Group. It details how they took over the family business founded by their father in 1969 and expanded it into a global conglomerate with interests in energy, steel, communications, and construction. The brothers have grown Essar Group into one of the largest companies in India with over $15 billion in annual sales and a presence in 25 countries. They have received several awards and accolades for their business success and leadership of Essar Group.

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THOUGHT OF THE DAY
"Optimism is a happiness magnet. If you stay positive, good
things and good people will be drawn to you....”
Law Updates:
 The Reserve Bank of India (RBI) lowered its policy repo rate by 25 basis
points to 7.5% on Wednesday, its second inter-meeting cut this year on
the back of easing inflation and what it said was "weak state" of parts of
the economy. Sensex hits 30,000 on RBI's surprise rate cut. Sensex and
Nifty hit their record high levels of 30,025 and 9,119, respectively in the
opening trades.
 GST panel to meet on March 20 to select its chairman. The committee
was set up by the Atal Bihari-led National Democratic Alliance (NDA)
govt in 2000.
 The Economic Offences Wing (EOW) of the police arrested key officials
from top brokerages Anand Rathi Commodities, Geofin Comtrade and
IIFL Commodities for their alleged role in the commodity market scam
that surfaced in July 2013for Rs. 5,600-crore NSEL scam.
 The Central Board of Direct Taxes (CBDT) will frame rules to provide
the procedures for domestic taxpayers to avail relief or deduction on the
taxes paid by them in foreign countries.
PROFESSIONALS INPUTS:
 RBI further extends existing all-in-cost ceiling of ECBs by 3 months. (
RBI/2014-15/484 A.P. (DIR Series) Circular No.81dated March 03,
2015).
 Vide RBI circular ref RBI/2014-15/483 A.P. (DIR Series) Circular
No.80 dated March 03, 2015, existing all-in-cost ceiling related to trade
credit for imports further extended by 3 months.
 Under attack over unearthing black money, government today came out
with a proposal for a comprehensive law to check the menace by
providing for a jail term up to 10 years for hiding foreign assets. A new
and more comprehensive Benami Transactions (Prohibition) Bill will be
introduced in the current session.
 Notification No. 06/2015-Cus (ADD), dated. 03-03-2015 issued by
CBEC Seeks to extend the validity of Notification No. 01/2010-Customs
dated 08-01-2010 for a further period of one year i.e. upto and inclusive
of 07-01-2016.
MARKET WATCH:
SENSEX: 29828.95 235.22 NIFTY: 9059.30 63.05
SILVER: 36400.00 -246.00 GOLD (MCX): 26452.00 25.00
USD/INR: 61.83 -0.09 CRUDE OIL: 3137.00 -12.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
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1Bajaj
http://www.csrajivbajaj.com
Date: 4th March, 2015

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Shashi and Ravi Ruia,
Essar Group
Early Life:
Shashi and Ravi Ruia born entrepreneurs. Essar Group was founded
in 1969 and then migrated from Rajasthan to Mumbai. Ruia is a
Marwari family business and is in his blood. Essar Group's story is
not new. His family business dates from 1800. In 1969, after the
death of his father, Nand Kishore Ruia, Shashi Ruia and his brothers
hiecieron by the group and began to expand in just three decades have transformed a small family business
into a diversified multinational company in the areas of energy, steel, communications and construction.
Career Profile:
Business runs in the veins of the Ruias, are members of the Marwari community from Rajasthan - famous
for their business acumen and drive. The bones of his empire was a shipping company and exports,
founded by his father, Nand Kishore Ruia, in 1956. He named it after the first letters of Essar names of
their children - S and R. The brothers moved to the deepwater port and pipeline construction. His big
break came in 1990 when they took advantage of the liberalization of India's economy to move to sponge
iron ", a raw material unattractive, but essential for steel.
Essar Group is today the fourth largest house in India, according to the assets. Shashi and Ravi Ruia,
chairman and vice chairman, Essar group, are as different as their names suggest – the sun and the moon.
Shashi is the intuitive, ‘out-of-the-box’ thinker, whereas Ravi is methodical and systems-oriented.
Together, their combined strength has built Essar into a $15 billion (in sales) global corporation, the third
largest in India. The steel business was extended to North America with the acquisition of Minnesota Steel
and Algoma Steel of Canada. The Feast of the wedding of the daughter of Ravi Smiti attracted 4,000
guests, including family friends such as Richard Branson.
In April 2010, the Ruia brothers have made literally billions of dollars Essar energy in the London Stock
Exchange. The Ruia brothers consider the 13 as his lucky number and will not fly together. Essar Power is
only part of the huge retail Ruia steel conglomerate and the brothers are only 25% owners of the company.
For years, the brothers share an office, sitting at "opposite ends of a long room with mahogany walls,
ceilings and paint," and always meet in playing cricket. In 2000, it reached an agreement with Hong Kong
tycoon Li Ka-shing to form Hutchison Essar. When Li Ka-shing sold to Vodafone in 2007, the value of
participation Ruias "skyrocketed by 33%. The combined company is now the third largest operator in
India. Interestingly, innovation and nimbleness remain hallmarks of Essar, unusual given the scale of their
operations. They¹re present in 25 countries, employ over 75,000 people and clock revenues upward of 27
billion dollars. Perhaps one reason for that is the company¹s openness to change and to adopting modern
practices ¬ their internal and external communications are cutting-edge, and they have a strong social
media presence, both of which reflect a company culture of constant innovation.
Achievements & Accolodates:
More recently, Shashi Ruia became one of an elite band of achievers and game-changers from around the
world to join The Elders, a network of high-profile individuals who have come together to help tackle the
world’s most urgent challenges. Additionally, Mr Ruia sits on a host of prestigious national and industry
associations, including FICCI and the Indo-US Joint Business Council. Union Minister Salman Khurshid
presents the Business India's Businessman of the Year 2010 awards to Mr.Shashi Ruia and Mr.Ravi Ruia.
Shashi Ruia adjudged Business India's Businessman of the year 2010
SUCCESS MANTRAS…
 Innovation and nimbleness remain hallmarks of Essar.
 Be methodical and systems-oriented.
 Think outside the box.