Senvion CFO Vagadia to rejoin Suzlon

GERMANY: Senvion chief financial officer Kirti Vagadia is to step down from the role and return to Suzlon, after the German manufacturer is acquired by Centerbridge.

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Vagadia joined Senvion from Suzlon, where he had been group head of finance, in December. He replaced Marcus Wassenberg, who had been Senvion CFO since June 2012.

According to Senvion a new CFO will be announced "in due course".

It was the second time in three years a senior Suzlon executive had been brought in to take on a board-level Senvion role. In May 2012, Vinod Tanti, brother of Suzlon group chairman Tulsi Tanti, started a year-long stint as chief operating officer.

Last month, Suzlon agreed to sell Senvion to private equity group Centerbridge Partners in a €1 billion cash deal.

Suzlon acquired Senvion, or Repower as it was then known, in 2007 after a four-month battle with Areva. It acquired 60% of the company, which rose to 92% in 2009 and 100% in 2011.

The original Suzlon-Senvion deal in 2007 valued the company at €1.22 billion.

The relationship between Suzlon and Senvion has never been a straightforward one. Under German law, Senvion's IP was locked down until Suzlon acquired over 95% of the company, while Senvions's banking arrangements have made it difficult for Suzlon to unlock any capital from its subsidiary.

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