Essar Communications Holdings Limited (ECHL), the telecom subsidiary of Essar Global Limited, has acquired a strategic stake in Obopay Inc., the pioneering service provider for payments via mobile phones. Consequent to this, K B Rajendran, Senior Vice President - Business Development, Essar has been elected to the Obopay Board of Directors. Obopay, Inc. recently announced closing of its fourth round of venture funding, raising US$20 million, and the addition of two new board members K B Rajendran, Senior Vice President, Essar Global Limited and Robert G. Hottensen, Jr., Senior Vice President for Public Equity at Olayan America Corporation to their board of directors.
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