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Home > Media > Media releases

Essar Energy Appoints Chief Financial Officer

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August 19, 2010 Bookmark and Share  
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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.’

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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
Education:
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
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For further information on Essar Energy, please visit www.essarenergy.com
For further information on the Essar Group, please visit www.essar.com

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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This announcement contains certain forward-looking statements, including statements regarding Group’s plans, objectives and expected performance.  Such statements relate to events and depend on circumstances that will occur in the future and are subject to risks, uncertainties and assumptions.  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, among others 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.  These forward-looking statements speak only as at the date of this document.

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.

 

 

 
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