Indian millionaire Ravi Ruia bought a $145 million property in the UK capital, one of the largest residential purchases in recent years in London. The property was once owned by Russian real estate mogul Andrey Goncharenko, according to Bloomberg.

The Hanover Lodge mansion overlooking Regent’s Park at 150 Park Road was purchased this month by the family office of Ruia, who also co-owns investment giant Essar Group, through the sale of the residence’s Gibraltar-incorporated holding company, according to the report.

Goncharenko, the former deputy CEO of the Russian state-run energy company Gazprom Invest Yug, acquired the property just two years ago. According to the report, he paid Rajkumar Bagri, a Conservative Party peer, £120 million in 2012 to purchase the property’s unpaid lease.

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Bloomberg quoted William Rego, a representative for the Ruia family office, “The property is under construction and became available at a price which makes it an attractive investment for the family office,” according to a report in Bloomberg.

Who Is Ravi Ruia?

Ravi Ruia co-owns Essar Group, a 1969-established investment firm. Ruia played a key role in spearheading India’s economic revival. An engineer by training, his entrepreneurial skills have helped the Essar Global portfolio of firms become one of the top brands in the world of business.

Ravi Ruia’s Career

In the family firm since the beginning of his career, Ravi has worked with his elder brother Shashi Ruia to guide it to its current prominence by assisting in the consolidation of its businesses and by establishing international operations.

Ravi and Shashi Ruia jointly established Essar Global Fund Limited (EGFL), a diversified global private fund that is solely managed by Essar Capital Limited, its investment manager. EGFL is an international investor that owns a variety of top-tier assets spread across the core industries of Energy (which includes the businesses of Exploration & Production, Refining & Marketing, and Power), Infrastructure (which includes the businesses of Ports, Terminals, and EPC), Metals & Minerals, and Services & Technology (which includes the businesses of Shipping, Oilfield Services, and Technology Solutions).

EGFL makes long-term investments in its portfolio companies and owns nearly all of them outright.  Over 7,000 people are employed by the portfolio companies, which have total annual revenues of around USD 13 billion.

Through privately held Essar Energy, the Ruia family owns the successful Stanlow oil refinery in the United Kingdom.

In addition to leading many investments and divestments for Essar internationally, Ravi Ruia has overseen the company’s ambitions for globalisation, which include new businesses in the Middle East, South East Asia, Africa, and the United States. 

Ravi Ruia’s Net Worth

The 2010 Business India Businessman of the Year Award was given to Ravi Ruia. In 2012, Forbes magazine listed Ravi Ruia and his brother as two of the wealthiest Indians. According to Forbes, Ravi Ruia and his brother Shashi Ruia have a combined net worth of $2.2 billion (2021 Billionaires Net Worth as of 4/6/21).