Gandhinagar: Societe Generale today announced the launch of a new branch in Gujarat International Finance Tec-City (GIFT City), the first International Financial Services Centre (IFSC) in India.

‘The new IFSC Banking Unit (IBU) will enhance Societe Generale’s ability to deliver innovative and tailored structured finance solutions and scale up its support for Indian clients, particularly in investment-intensive sectors such as renewable energy and various forms of infrastructure, including roads, transmission, data centres, technology and telecommunications,’ the company said in its note.

‘The branch will be led by Mihir Baxi, Head of IFSC Banking Unit, Societe Generale GIFT City, in addition to his existing role as Director, Corporate Coverage, Societe Generale India. He will report to Dr. Katan Hirachand, Chief Executive and Chief Country Officer, Societe Generale, India,’ the company added.

Societe Generale has supported the financing of more than 9GW of renewable power to date in India , and examples of these partnerships include: Working with renewable energy company ReNew on the financing and development of various complex renewables projects, sole structuring bank on the USD132 million project financing of a 300 megawatt (MW) solar power project in Andhra Pradesh for SAEL Industries Ltd and support to Serentica Renewables as one of two lenders on a 300MW solar project in Rajasthan that will supply clean power to Bharat Aluminium Company Ltd.

Societe Generale was established in India in 1978. In addition to GIFT City, the bank operates through its local branches based in Mumbai and Delhi, serving Indian corporates and financial institutions as well as global clients of Societe Generale looking to develop their operations in India. Within its Global Banking and Investor Solutions business in India, the bank provides value-added solutions to its clients in Global Markets, Structured Finance, Cash Management and Trade Finance services.

Bernstein, a joint venture between AllianceBernstein and Societe Generale, has a strong presence in Mumbai. Supporting the Group’s clients with top-tier equity research, the premier global equity research and brokerage firm provides a broad range of services across the value chain.

The Societe Generale Global Solution Centre in Bangalore and Chennai also provide services to the Group’s business lines around the world. DeshGujarat