The Business World Lost These Iconic People in 2024

Business World Lost: From the leaders of India’s biggest corporate leaders Ratan Tata and many other famous personalities from the world of business and economy passed away in the year 2024. Below are some of the prominent personalities that we are mourning the demise of in 2024.

Ratan Tata (18 December 1937- 9 October 2024)

India bid goodbye to its top industrialist who transformed a company that was worth just $4 billion when he took over and was worth $77 billion when he retired from active corporate leadership in 2012 to a company now worth $400 billion, with 26 Tata-linked companies employing one million people listed on the Indian stock exchange in October. India’s growth story was supposed to be similar to that of Ratan Tata, who inherited one of India’s oldest conglomerates and transformed it through a series of lucrative deals.

Narayanan Vaghul (1936 – 18 May 2024)

Veteran banker Narayanan Vaghul, who sowed the seeds of financial supermarket ICICI Group and played a key role in introducing India to modern banking, died in May at the age of 88. For his contributions, the banking veteran was awarded the Padma Bhushan in the trade and industry category in 2009. Vaghul, who played a key role in setting up ICICI Securities, rating company Crisil Ltd and venture fund ICICI Ventures, started out at the State Bank of India as an officer in the city then called Madras, but soon resigned and took up a teaching position at the National Institute of Bank Management (NIBM), where he became a director. In 1978, he joined the Central Bank of India as an executive director and was appointed CMD of the Bank of India in 1981. At the age of 44, he was recognized as the youngest Chief Managing Director (CMD) of a nationalized bank.

Ramoji Rao (16 November 1936 – 8 June 2024)

Responsible for putting the Tollywood industry on the global map, media tycoon Cherukuri Ramoji Rao passed away in May this year, leaving a void in the industry. Baahubali, RRR and other blockbusters that became hits not just across India but globally were shot at the world’s largest film production facility, Ramoji Film City, which he headed. Apart from owning a world-class shooting facility, he was a seasoned entrepreneur with business ventures in multiple sectors such as media, hospitality, NBFCs and food and retail store chains. His ventures including Eenadu newspaper, ETV network of channels, the world’s largest film studio Ramoji Film City, Dolphin Group of Hotels, Margdarshi Chit Fund, Ushakiran Movies Production Company, Priya Foods and others have created thousands of jobs and continue to positively impact the lives of millions in Andhra Pradesh and Telangana.

Shashi Ruia (23 December 1943 – 25 November 2024)

Credited for expanding the Essar Group, which generates annual revenues of $14 billion, Shashikant Ruia, a first-generation entrepreneur who turned a small construction business into an infrastructure conglomerate, died in November after a prolonged illness. He was 80. Ruia had co-founded the metals-to-technology conglomerate Essar along with his brother Ravi. The billionaire began his career in 1965 under the guidance of his father Nand Kishore Ruia. The foundation of the Essar Group was laid by him and his brother in 1969 when they received a Rs 2.5 crore order from the Madras Port Trust for building an outer breakwater in the port. In its early years, Essar focused on construction and engineering projects, successfully completing several bridges, dams, and power generation facilities.

A decade later, it became a significant player in steel and telecom, setting up a large steel plant in Gujarat and becoming India’s second-largest telecom operator in a joint venture with Hutchison. An oil refinery was also built in Gujarat.

Later, it exited the telecom business, sold the oil refinery to a consortium led by Russia’s Rosneft, and had to give the steel plant to ArcelorMittal when bankruptcy proceedings were initiated against it to recover outstanding loans.

Also Read: ISRO’s PSLV C60 SpaDeX Mission Update: Both Satellite Chaser and Target Launched Successfully