Societe Generale has officially unveiled a new branch in Gujarat International Finance Tech-City (GIFT City), the first International Financial Services Centre (IFSC) in India. This launch underscores the bank’s dedication to the Indian market. The newly established IFSC Banking Unit (IBU) will strengthen Société Générale’s capacity to provide innovative and customised structured finance solutions. This unit will significantly enhance 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, Société Générale GIFT City, in addition to his existing role as Director, Corporate Coverage, Société Générale 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, Société Générale, India.
Société Générale has a strong track record of supporting India’s economic development, particularly 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 9 GW 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 renewable projects.
· Acting as the sole structuring bank on the USD 132 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 300 MW solar project in Rajasthan that will supply clean power to Bharat Aluminium Company Ltd.