Essar Welcomes New CFO

Essar 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."

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 organization 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 organization 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."