Essar's Anshuman Ruia joins as Executive Director at AGC Networks; Stock tumbles 5%

Anshuman Ruia is part of the second generation of the Ruia family that founded Essar.

Sep 21, 2021 11:09 IST India Infoline News Service

AGC Networks Ltd has informed to the exchange regarding appointment of Anshuman Ruia as Executive Director of the Company.

Anshuman Ruia is part of the second generation of the Ruia family that founded Essar. Essar was founded in 1969 by his father, Shashi Ruia, and uncle, Ravi Ruia.

Anshuman is known for his financial expertise and project execution skills that have been invaluable in Essar’s value creation journey. He was involved in the construction of the 20 million tons Essar Oil refinery in Vadinar, which is one of India’s most advanced refineries.

The refinery was recently acquired by Rosneft and the Trafigura-UCP consortium following a landmark $12.9 billion transaction that was also the largest FDI in India’s Energy sector.

Additionally, Anshuman led the construction of Essar’s coalbased and gas-based power plants in Gujarat, Madhya Pradesh and Odisha. A strong believer in adopting a modular approach in project management, he has ensured that these assets of national importance were completed within committed timelines.

Anshuman has always been a trenchant advocate for business turnaround and growth by taking bold decisions. He was instrumental in overseeing Aegis, Essar’s erstwhile BPO business, which expanded more than tenfold within a short span of time. In 2014 and 2017, the Aegis business was monetised in two tranches at a value that was almost 20 times the amount invested in the business. He was also responsible for the Power business’ entry into the transmission segment.

Currently, Anshuman is leading Essar’s investment in asset-light, new age businesses in the technology and fintech domains. He is also involved in the Ports business where he is driving higher efficiencies and developing an international footprint.

Anshuman’s deep knowledge of finance and corporate structure has earned him the respect of his peers. He is a member of the YPO (Young Presidents Organisation). 

At around 11:42 AM, AGC Networks was trading at Rs1,092.70 apiece down by Rs57.5 or 5% on the BSE.

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