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Societe Generale plans to launch an India dedicated real estate fund, reports Business Standard, without specifying the size of the fund. SG Private Banking, the private banking arm of Societe Generale, will be launching the fund, which is likely to be registered in where else, Mauritius. The first closing of the fund will be done towards the end of this year, according to Balakrishnan Kunnambath, managing director, Indian sub-continent, SG Private Banking (Asia-Pacific). The investment will be made in FDI-compliant projects and Societe Generale Asset Management will manage the investments.
The report also added that SG Private Banking was looking for partnerships in private equity in India. Recently, a SocGen arm, Sogeparticipations, was permitted by the Indian government to set up a wholly owned subsidiary in India. The company got approval to invest Rs 205.8 crore ($50 million) in India to undertake the activities of portfolio management services and investment advisory services.