Maheshwari to succeed Sampath as Chief Financial Officer at Essar Energy

Deepak Maheshwari will succeed P Sampath as the new Chief Financial Officer at India-focused integrated energy company Essar Energy from April 1st, the company has announced.

Sampath is moving to a new role as President of Business Optimization and Improvement at the company.

Maheshwari most recently served as the Chief Financial Officer of Reliance Power and has more than 19 years of experience in project and corporate finance, investment banking and treasury management.

Sampath has held the position of Chief Financial Officer of Essar Energy since September 2010 and prior to this was Chief Financial Officer and Director Finance of Essar Oil from August 2008.

Naresh Nayyar, the Chief Executive Officer of Essar, said: "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."

MF