Agarwal, who replaced Kirti Vagadia, will report to chairman Tulsi Tanti. Vagadia will now focus on his role as head of finance at the Suzlon Group, which includes its wholly owned German subsidiary REpower Systems SE, the company said in a statement.
Agarwal, a chartered accountant and graduate from the University of Pennsylvania’s Wharton School of Business executive programme, was previously chief financial officer at Essar Steel Ltd.
Suzlon Energy is currently undergoing a corporate debt restructuring (CDR) exercise as part of which creditors will get a stake of at least 32.1% in the company once they convert interest payable on loans for two years into equity.
On 24 January, Suzlon got approval for a Rs.9,500 crore debt restructuring from domestic lenders. The lenders, a consortium of 19 banks, have agreed to enhance working capital facilities to the group by Rs.1,800 crore and a 10-year back-ended repayment plan as part of the exercise.
Vagadia had taken over charge from then chief financial officer Robin Banerjee, who also came from Essar Group.