12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Grasim's Bafna to join Siva Group

Grasim Industries president and deputy CFO Sanjeev Bafna is leaving the Aditya Birla group after spending nearly two decades with the organisation.

, ET Bureau|
Sep 26, 2009, 02.06 AM IST
0Comments
NEW DELHI: Grasim Industries president and deputy CFO Sanjeev Bafna is leaving the Aditya Birla group after spending nearly two decades with the organisation. He is slated to join hands with NRI businessman and investor C Sivasankaran, and will act as the group CFO of the Siva Group.

The 45-year-old chartered account has worked with the Aditya Birla Group since 1991. His first role in the group was that of a general manager ��� finance at Indian Rayon. He later moved to Birla Copper in 1995 and then to Grasim Industries as vice-president in 1999. He has been holding the position of president and deputy CFO at Grasim Industries since 2000.

According to a person familiar with the situation, negotiations between Mr Bafna and Mr Sivasankaran went on for nine months before the former finally agreed to come on board.

He is expected to join the group in October. During his stint with the Aditya Birla group, Mr Bafna has handled various roles in areas such as treasury and banking, financial risk management, legal & secretarial, IT, administration and corporate governance practices. Besides this, he also managed a few power projects for the group.

Chennai-born businessman Sivasankaran has invested in several entities including Sterling Infotech (earlier Sterling Computers) in the 1980s. More recently, his company Siva Ventures (SVL) bought a 51% stake in S Tel, a Chennai-based telecom company.

The company���s other investments include buying a 49% stake in Aamby Valley, a real estate project promoted by the Sahara Group and the acquisition of a Norwegian shipping and logistic company named JB Ugland Shipping. Another real estate investment by Mr Sivasankaran involved buying a 66% stake in Hindoostan Mill land, located in Central Mumbai from DLF, the country���s biggest real estate firm.

The group also forayed into renewable energy by acquiring a controlling stake in Finland-based WinWinD, a wind turbines manufacturer.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service