PE-backed wind turbine maker Suzlon Energy Ltd has appointed Amit Agarwal as its new CFO. Agarwal, who replaced Kirti Vagadia, will report to chairman Tulsi Tanti. Vagadia will now focus on his own role as head of finance at the Suzlon Group, which includes its wholly owned German subsidiary REpower Systems SE.
“Amit’s previous role as CFO of Essar Steel, has given him rich and extremely relevant experience that I know we will now benefit from,” said Tanti.
Prior to Essar Steel, Agarwal was the CFO of Essar’s North America operations and at Arcelor Mittal’s Long Carbon Europe segment. He has experience in the field of corporate finance, treasury management, complex business restructuring, finance planning, business development and strategy. Agarwal is a chartered accountant by training.
Last September, the firm appointed Rohit Modi as CEO for India and emerging markets.
Suzlon, the world’s fifth largest wind turbine maker, designs, develops and sells wind turbine generators of different capacities and its components. It is backed by Citi Venture Capital International (CVCI), which had invested in the firm way back in 2004 along with ChrysCapital. While ChrysCapital had exited the firm long ago, CVCI remains in the company. Suzlon also counts IDFC Alternatives as an investor.
(Edited by Prem Udayabhanu)