REUTERS – Suzlon Group, the world’s fifth-largest wind turbine maker, has appointed Amit Agarwal as chief financial officer of its wholly owned unit Suzlon Energy Ltd (SUZL.NS).
Agarwal will take over from Kirti Vagadia, who will become the head of finance of Suzlon Group, which also includes its wholly owned German unit REpower, the company said in a statement on Friday.
Agarwal previously worked as chief financial officer of India’s Essar Steel, and in his new role will report to Suzlon Group Chairman Tulsi Tanti, the statement said.
Suzlon’s lenders in January approved a plan to restructure $1.8 billion of debt after the company defaulted on a $200 million convertible bond redemption last October.
The company had net debt of about $2.5 billion at the end of December.
(Reporting by Sumeet Chatterjee; Editing by Subhranshu Sahu)