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Our Bureau

Mumbai , July 21

THE Essar Group has already appointed two directors on the board of BPL Communications in which it is set to acquire majority stake.

The two directors are Mr Anshuman Ruia, Director, Essar Group, and Mr Vikas Saraf, CEO of Essar Teleholdings, the holding company for most of the Essar Group's telecom investments, said sources involved with the deal.

Mr Rajeev Chandrasekhar, Chairman & CEO of the BPL Mobile group will be stepping down from the board, said the sources.

On Wednesday, the Essar Group signed a binding agreement to buy 64 per cent stake in BPL Communications in an all-cash deal. The enterprise valuation yielded by the transaction worked out to over $1 billion.

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