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Indian wind power firm Suzlon appoints new CFO

Amit Agarwal appointed chief financial officer to help finance head oversee firm’s performance during wind sector's “challenging time”

Suzlon has seen a fall in volumes and profits over the last year

Indian wind power firm Suzlon Group has appointed a new Chief Financial Officer (CFO). Mr Amit Agarwal has been appointed as the CFO of the company to allow the current head of finance to focus on overseeing the company’s recently reported poor performance.

The appointment suggests the firm is now focussed on turning around falling orders and declining profits, as shares reached a record low during 2012, according to reports. The news also follows the company announcing the decision to close its rotor blade and control panel manufacturing units in a union territory of south India in January this year.
Suzlon said Mr Amit Agarwal will report to the chairman, Mr Tulsi Tanti, allowing Mr Kirti Vagadia to focus on his role as Suzlon’s head of finance, overseeing the financial performance of the Suzlon Group. This includes REpower, the company’s wholly-owned German subsidiary.

Mr Tulsi Tanti said: “We are delighted to be bringing someone with Amit’s credentials and experience in a highly competitive market segment as the CFO of Suzlon Energy. 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.”

Mr Amit Agarwal added: “I have keenly followed Suzlon's journey since it was launched nearly 20 years ago. It is a real honour to be appointed as CFO and I look forward to supporting the chairman, management team and key stakeholders in what is clearly a challenging time for the sector.”