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Rediff News  All News  » Business » Essar Energy appoints Deepak Maheshwari as CFO

Essar Energy appoints Deepak Maheshwari as CFO

March 18, 2013 15:22 IST

EssarLondon-listed Essar Energy plc on Monday announced appointment of Deepak Maheshwari as the company's chief financial officer.

P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.

Both appointments are effective from April 1.

Maheshwari moves to Essar Energy from Anil Ambani Group firm Reliance Power where he was CFO since 2004.

An electrical engineering graduate, Maheshwari has MBAs from XLRI, Jamshedpur and London Business School.

"At Essar Energy, he will report to Naresh Nayyar, Chief Executive Officer of Essar Energy plc," the statement said.

Maheshwari, who has over 19 years of experience in project and corporate finance, investment banking and treasury management, had joined the Reliance Group in 2004

ANZ Investment Bank where he was Director Corporate Finance.

Essar said Sampath had held the position of CFO of the company since September 2010 and in his new assignment will continue to report to Nayyar.

Commenting on the appointments, Nayyar said, "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 Sampath's vast experience of working in various industries besides his knowledge of the Essar Energy businesses," he added.

Both roles will be based in Mumbai.

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