Essar Energy taps Reliance Power executive as new finance chief

INDIA-focused Essar Energy yesterday said it had appointed Deepak Maheshwari as new chief financial officer.

The oil refiner has hired Maheshwari, to replace incumbent finance chief P Sampath, from Reliance Power, where he was also chief financial officer.

An engineering graduate, he has 19 years of experience in project and corporate finance, investment banking and treasury management.

Prior to joining Reliance, Maheshwari was director of corporate finance with London-based ANZ Investment Bank and ICICI Securities in India.

In his role at Essar, he will report directly to Naresh Nayyar, chief executive of the FTSE 250 oil refiner.

“Mr Maheshwari has a strong track record of providing strategic financial and capital markets advice across a number of industries,” Nayyar said yesterday.

“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.”

Sampath, who held the position of chief financial officer at Essar since February 2010, is moving to a new role as president of business optimisation and improvement for the company.

Prior to this, Sampath held several senior finance roles at Indian heavyweights RPG Enterprises and GHCL Limited.

Both appointments, which will be based in Mumbai, are effective from 1 April.

Last month, the Indian oil giant reported a jump in refining margins over the three months to December, boosted by a major expansion in refining capacity at its Vadinar plant.