Tata Sons hires Saurabh Agrawal as group CFO
Tata Group President N Chandrasekaran said on Monday a key recruitment holding company Tata Sons veteran banker Saurabh Agrawal as CFO.
Agrawal, who will be joining in July, is currently the director of strategy with Aditya Birla Group. As CFO Group to Tata Sons, which will focus on the recovery of certain companies with losses on the track. Agrawal played a key role in managing the merger operation Idea-Vodafone, and merger-Grasim Aditya Birla Nuvo for the Birla entity. This will be the second major appointment of Chandrasekaran, following that of Ankur Verma, former managing director of investment banking for Bank of America Merrill Lynch, who joined the Tata Group in March.
Prior to Birla’s work, Agrawal led Standard Chartered Bank corporate finance in India and South Asia. He also served as director of investment banking for DSP Merrill Lynch, where he worked with Chandrasekaran on Tata’s Initial Public Offering in 2004, along with other acquisitions.
“Agrawal brings extensive knowledge of the capital markets and experience in different sectors of this critical leadership role in the Tata Group.His experience will help us to manage rigor and synergy in capital allocation decisions, investment management , As well as the consolidation and optimization of the group’s business portfolio, “said Chandrasekaran.
“I am honored to be part of the Tata Group. This is an exciting time for the group under the leadership of Chandrasekaran,” said Agrawal, IIT Roorkee graduate, graduated from IIM Calcutta.
One of the complaints was that Tata Group patriarch Ratan Tata against former Tata Sons chairman Cyrus Mistry was that he had not appointed the group’s chief financial officer after the release of Ishaat Hussain as Tata Sons CFO in 2012.
The financial director of the group is important and is considered a second link between Tata Sons and its subsidiaries, after the president. Hussain, for example, joined the Tata Sons board as chief executive in July 1999 and also was director of several companies, including Tata Tata Industries, Tata Steel and Voltas. He was also the President of Voltas and Tata Sky.
Group initiates said Agrawal quit because at least three entities – Tata Teleservices, the Mundra project to Tata Power and operations in the UK – Tata Steel need immediate attention.
In addition to making entities that are not profitable and allocate capital through the companies, Chandra and the group’s chief financial officer will also ensure that Tata Sons gives enough dividends to Tata Trust, which holds a 66% stake in ‘ business. One of the reasons given by Tata for the removal of Mistry was that he was not able to do so.