Societe Generale expands in India with launch of GIFT City branch

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 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. With more than 20 years in banking, Mr. Baxi brings extensive experience managing strategic relationships and transactions with both Indian and multinational clients, and a deep understanding of the Indian market. He will report to Dr. Katan Hirachand, Chief Executive and Chief Country Officer, Societe Generale, India.

Societe Generale has a strong track record of supporting India’s economic development, especially in projects driving the clean energy transition and advancing India’s goal to achieve 500 gigawatts (GW) of renewable energy capacity by 2030. The bank 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 (NASDAQ: RNW) on the financing and development of various complex renewables projects.
•    Acted as sole structuring bank on the USD132 million project financing of a 300 megawatt (MW) solar power project in Andhra Pradesh for SAEL Industries Ltd.
•    Supporting Serentica Renewables as one of two lenders on a 300MW solar project in Rajasthan that will supply clean power to Bharat Aluminium Company Ltd.

About Societe Generale in India 

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 provides services to the Group’s business lines around the world. 

Media enquiries

Any media enquiries should be sent to Brenda Chai, Director of Editorial and Digital Communications, Asia Pacific and Communications, South East Asia and India at Societe Generale (brenda.chai@socgen.com).