Mumbai: Ravi Ruia, the vice chairman of steel-to-telecoms conglomerate Essar Group, will move to London to spearhead the global business of the group, said two sources with direct knowledge of the matter.
Essar Shipping Ports & Logistics Ltd, one of the group’s subsidiaries, said in a statement on Thursday that Ravi Ruia has resigned as a director with immediate effect due to other commitments.
“He has resigned from Essar Shipping to take some other commitments. The company’s board will discuss the matter,” an Essar spokesman said, declining to elaborate.
The billionaire Ruia brothers, Shashi and Ravi, founded the Essar conglomerate that takes its name from the initials of their first names.
Last month, sources told Reuters that the Essar group plans to raise $2.5-$3 billion by listing its energy and power businesses on the London bourse.
Essar Oil, another firm within the group, is in talks with Royal Dutch Shell to buy three European refineries.