Suzlon Energy names Kirti Vagadia as Senvion CFO ahead of listing1 min read . Updated: 02 Dec 2014, 12:14 PM IST
The appointment is effective as of 1 December 2014, Suzlon Energy said in a statement
Mumbai: Wind turbine maker Suzlon Energy Ltd on Tuesday named Kirti Vagadia as chief financial officer (CFO) of Senvion SE, ahead of its listing on the London Stock Exchange. Senvion is a wholly owned unit of the Suzlon Group.
The appointment is effective as of 1 December 2014, Suzlon Energy said in a statement.
Before his appointment, Vagadia was group head of finance at the Suzlon Group and a member of the supervisory board of Senvion SE. He stepped down from all his posts on 20 October.
Tulsi R. Tanti, chairman of the Suzlon Group and the Senvion supervisory board said the appointement strengthens the company significantly. Tanti cited Vagadia’s 20 years’ experience in the wind energy industry and the management skills and background required to successfully oversee financial measures for the benefit of Senvion.
Vagadia was instrumental in the initial public offering of Suzlon Energy.
In October, Tanti told the Press Trust of India (PTI) that his company was working on listing of Senvion and that it will happen by the end of current financial year (2014-15).
Suzlon’s creditors on 24 January, 2013, approved a ₹ 9,500-crore debt restructuring plan, agreeing to enhance working capital facilities by ₹ 1,800 crore and backed a 10-year staggered repayment plan.
In May 2014, Suzlon Energy, the world’s fifth largest wind turbine maker, announced a cash-less restructuring of its existing foreign currency convertible bonds (FCCBs) worth $485 million for five years, after nearly a year-and-a-half of complex negotiations with bondholders.
The Pune-based company has four different series of FCCBs issued to investors. Suzlon had failed to repay $209 million of debt on 11 October 2012 after bondholders rejected its request for a four-month extension. The default was the biggest on convertible bonds by an Indian company. As part of the restructuring, Suzlon Energy will issue about $485 million of new bonds that will have a maturity period of five years and one day from the date of issuance.