Convocation Speech by Shri Shashi Ruia, Chairman, Essar Group; Chief Guest for the 9^th Convocation of EDI's Post Graduate Programmes held on 09^th June 2007.

Let me just say that when I was 12 years old, I used to go to Marina Beach in Chennai in the evenings and look into the sea. I think the first seed of entrepreneurship was sown there. I said to myself if I own a ship, may be I could touch the horizon.

I am not going to take you through the long journey that Essar has had but I think this class can benefit from the experiences of Ravi, my brother and I over the last 35 years.

The creation of Essar and we must go back to the late Sixties – was born out of necessity. From a small beginning - constructing a break water for Chennai Port - we took the bold and unprecedented step of acquiring a ship to transport petroleum products – a domain of international and Shipping Corporation of India vessels only.

Risky venture, literally in troubled waters – but one with high rewards. The diversification into other businesses of steel, power, communication, oil & gas is a story well known and chronicled and I leave you to study the history of that growth.

I would like to underscore a few principles that we set for ourselves as we started our journey.

• Find a mentor from who you can seek advice and counsel as you venture into new, uncharted areas.
• Make sure the products or services that you are selling help in nation building and instill a sense of pride in yourself and your people.
• Trust your gut feeling even if it turns wrong once in a while.
• Don’t be afraid to put your neck on the line if you have organized yourself to assess the risks.
• Surround yourself with people who share your passion, spirit and attitude.
• Total involvement, application of mind and commitment to the business, day in and day out.

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