London, UK – Essar Energy plc (LSE:ESSR) today announced that it has appointed Mr P Sampath as Chief Financial Officer following the decision by Mr Gerry Bacon to leave the company at the end of September.
Mr Sampath has held the position of Chief Financial Officer of Essar Oil Limited since August 2008. Prior to this Mr Sampath held a number of senior finance roles including Group CFO for RPG Enterprises Limited and Managing Director of GHCL Limited. Mr Sampath has a first class 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.
Mr Sampath will be based at the group’s offices in London and will report to Naresh Nayyar, Chief Executive Officer. The appointment is effective from 1 September 2010.
Commenting on the appointment, Mr Nayyar said that he was delighted to welcome Mr Sampath to the new role. ‘Mr Sampath has a strong track record of providing strategic financial and commercial advice across a number of industries and on a broad range of issues. He has a strong background in accounting, tax, corporate structuring and funding and has an excellent knowledge of the business from his current role and his involvement in the IPO of Essar Energy plc.’
Mr Sampath said that he was looking forward to the move to London. ‘I am delighted to be stepping in to the CFO role with Essar Energy. Essar is an excellent organisation with great culture and values and I am looking to the challenges that this new role will bring.’
Gerry Bacon joined Essar Energy in January 2010 to support the IPO and put in place the finance organisation for the new company. He has decided to return to academia. Mr Nayyar commented. ‘Gerry has made a tremendous contribution to the company in the short time that he has been with us. We are sorry to see him go and would like to wish him every success in the future.’
Mr P Sampath – Biographical Details
Chief Financial Officer and Executive Committee Member, Essar Oil Limited, August 2008 – August 2010.
Group CFO and Management Board Member, RPG Enterprises, November 2007 – August 2008.
Managing Director, Board Member, 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
Alternatively, please contact:
Essar Energy +44 20 7408 8714
Mark Lidiard, Director of Investor Relations & Communications
Capital MS&L +44 20 7307 5330
Richard Campbell +44 20 7307 5334 / +44 7775 784 933
Nicholas Bastin +44 20 7255 5117 / +44 7931 500 066
About Essar Energy
Essar Energy (LSE:ESSR) is a world class, low-cost, integrated energy company with an established track record.
Essar Energy is India’s second largest private power producer with 1,200MW of installed capacity and projects under planning and construction to expand its capacity to 6,100 MW in Phase I and 11,470 MW in Phase II.
Essar Energy is 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 14mmtpa and plans to expand to 18mmtpa by March 2011.
About Essar Group
The Essar Group is a multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, Communications, Shipping Ports & Logistics, Construction and Minerals. With operations in more than 20 countries across five continents, the Group employs 60,000 people, with revenues of USD 15 billion.
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