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Essar Energy appoints Deepak Maheshwari as CFO

Released 07:15 18-Mar-2013

RNS Number : 2059A
Essar Energy plc
18 March 2013



Essar Energy appoints Deepak Maheshwari as Chief Financial Officer

March 18, 2013: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced the appointment of Deepak Maheshwari as Chief Financial Officer. P Sampath, the current Chief Financial Officer, moves to a new role as the President of Business Optimization and Improvement for Essar Energy plc. Both appointments are effective from April 1, 2013.

Mr. Deepak Maheshwari most recently served as the Chief Financial Officer of Reliance Power Limited and has over 19 years of experience in project and corporate finance, investment banking and treasury management. He joined the Reliance Group in 2004 and played a critical role in leading the capital markets and financing and risk management requirements of the group. Prior to which, Mr. Maheshwari was Director Corporate Finance with ANZ Investment Bank in London and ICICI Securities in India. Mr Maheshwari has a Bachelor in Electrical Engineering from the Sardar Patel College of Engineering, Mumbai and MBAs from XLRI, Jamshedpur and the London Business School. At Essar Energy, he will report to Mr. Naresh Nayyar, Chief Executive Officer of Essar Energy plc.

Mr Sampath has held the position of Chief Financial Officer of Essar Energy plc since September 2010 and prior to this was Chief Financial Officer and Director Finance of Essar Oil Limited from August 2008. Mr Sampath has also previously held a number of senior finance roles including Group CFO for RPG Enterprises Limited and Managing Director of GHCL Limited. Mr Sampath has a Bachelor of Commerce degree from Madras University, is a Fellow Member of the Institute of Cost Works Accountants of India and is a Fellow Member of the Institute of Company Secretaries of India. He will continue to report to Mr. Nayyar.

Commenting on the appointments, Mr Nayyar said that he was delighted to welcome Mr Maheshwari to Essar Energy and wished both Mr Maheshwari and Mr Sampath every success in their new roles. "Mr Maheshwari has a strong track record of providing strategic financial and capital markets advice across a number of industries. His deep understanding of the power business in India will also be of great value to Essar Energy and helps to strengthen our senior management team."

"As we come to the end of our capital expenditure programme, business optimisation and improvement will be a key driver of value for Essar Energy and I am very pleased that we will be leveraging Mr. Sampath's vast experience of working in various industries besides his knowledge of the Essar Energy businesses."

Both roles will be based in Mumbai, India.





Notes to Editors:

Mr Deepak Maheshwari - Biographical Details

Reliance Group (most recently Chief Financial Officer, Reliance Power Limited), June 2004 - March 2013.

ANZ Investment Bank, London, Director Corporate Finance, October 1998 - Jan 2004.

ANZ Investment Bank, Mumbai and London, Senior Manager, October 1996 - October 1998.

ICICI Securities, Mumbai, Manager, April 1993 - September 1996.


Bachelor of Engineering degree from Sardar Patel College of Engineering, Mumbai.

MBA with specialisation in Finance and Strategy, XLRI Jamshedpur.

MBA with specialisation in Finance, London Business School.


Mr P Sampath - Biographical Details

Chief Financial Officer, Essar Energy plc, September 2010 - March 2013.

Chief Financial Officer & Director Finance, Essar Oil Limited, August 2008 - August 2010.

Group CFO and Management Board Member, RPG Enterprises, November 2007 - August 2008.

Managing Director, Board Member, and Director of all Global subsidiaries in US and UK, GHCL Limited, March 1989 - October 2007.

Group Financial Controller, Amtrex Ambience Limited, November 1985 - March 1989.


Bachelor of Commerce degree from Madras University, First Class.

Fellow Member of the Institute of Cost Works Accountants of India.

Fellow Member of the Institute of Company Secretaries of India.


For further information on Essar Energy, please visit

For further information on the Essar Group, please visit


Mark Lidiard, Director of Investor Relations & Communications +44 20 7408 8714 or +44 7554 440421

Andrew Turpin, Head of Media Relations +44 20 7408 8702 or +44 7827 283659

About Essar Energy

Essar Energy (LSE:ESSR) is a world class, low-cost, integrated energy company with an established track record.

Essar Energy, through its subsidiaries, owns one of India's largest private power producers with 3,910MW of installed capacity and projects under construction to expand its capacity to 6,700MW.

Essar Energy, through its subsidiaries, owns one of India's fastest growing private sector oil and gas companies with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India's second largest private sector oil refinery with throughput capacity of 20 million metric tonnes per annum, or 405,000 barrels per day. The Stanlow refinery is the UK's second largest refinery with throughput capacity of 296,000 barrels per day, or 14.6 million metric tonnes per annum.

About Essar Group

The Essar Group is a global conglomerate and a leading player in the sectors of Steel, Energy (Oil & Gas and Power), Infrastructure (Ports, Projects & Concessions) and Services (Shipping, Telecom, Realty and Business Process Outsourcing). With operations in more than 25 countries across five continents, the group employs 75,000 people and has revenues of over US$27 billion.

* * *

This announcement contains certain forward-looking statements, including statements regarding Group's plans, objectives and performance. Such statements relate to events and depend on circumstances that may occur in the future and are subject to risks, uncertainties and assumptions. Although the Group believes that the expectations reflected in such forward looking statements are reasonable, there are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements, including, without limitation, the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licences; fluctuations in demand and pricing in the Oil and Gas, Power and Energy industries; fluctuations in exchange controls; changes in government policy and taxations; industrial disputes; war and terrorism. Further information on the significant risks and uncertainties associated with the Group's business is set out in the Prospectus published on 4 May 2010. These forward-looking statements speak only as at the date of this document. The Group undertakes no obligation to update any forward looking statements whether as a result of new information, future events or otherwise, except to the extent legally required.

These statements (and all other forward-looking statements contained in this document) are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Group's control, are difficult to predict and could cause actual results to differ materially from those expressed or implied or forecast in the forward-looking statements.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction, or an invitation or inducement to invest in the Group or any other entity and should not be relied upon in any way in connection with any investment decision.




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Essar Energy appoints Deepak Maheshwari as CFO - RNS