Tata Sons appoints Saurabh Agrawal as group CFO

23 Mai, 2017, 13:09 | Author: Marc Bacque
  • Tata Sons appoints Saurabh Agrawal as Group Chief Financial Officer

Agarwal's departure from the Aditya Birla Group comes after the conglomerate recently appointed Savitri Dadhich, a co-founder of law firm Dastur Dadhich & Kalambi, as a strategic adviser to counsel the group on matters related to transactions, arbitration and litigation.

Agrawal joins Tata Sons from the Aditya Birla Group, where he was head of strategy. In FY12, Tata Sons' equity investments into group companies were smaller than the dividends it earned from them.

Agrawal is expected to move into his new role at Tata Sons CFO on July 1 according to sources close to the matter.

Tata Group Chairman N Chandrasekaran handpicked Aditya Birla Group's Saurabh Agarwal as the group's CFO. During his stint, Agrawal oversaw the multi-billion Idea-Vodafone merger and the acquisition of Jaypee's cement assets by Ultratech. "It is an exciting time for the group under the leadership of Chandrasekaran, and I look forward to contributing to the group's profitable growth with my experience in corporate finance", Agrawal said.

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An investment banker for most of his career, Agrawal was previously regional head of corporate finance (South Asia) for Standard Chartered Bank.

Former Tata Sons chairman Cyrus Mistry had ushered in financial discipline into numerous companies cleaning up balance sheets by taking impairments and selling businesses-acquired when Ratan Tata was chairman - that were unprofitable.

Agrawal "brings deep capital markets knowledge and valuable cross-industry experience to this critical leadership role in the Tata group", Chandrasekharan said in the emailed statement.

Agrawal comes into the company at a time when numerous group companies are under financial stress and Agarwal would be required to play a key role there. The board of Tata Sons had, post Mistry's removal, cited a drop in its dividend income as a measure of his under-performance and one of the reasons for his being replaced.

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