Germany

Germany

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.

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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