Left Sreeraj Mitra Corporate Comm. & Right Mr. Anuj Kishore, Regional Sales Manager |
Magma to disburse Rs 343 crores in Chattisgarh in FY’11
Raipur, 5th May, 2010: Magma Fincorp Limited today announced its growth plans for Chattisgarh. Magma, a leading asset financing company in the country, will disburse Rs 343 crores in retail loans in the state in 2010-11. The company already has deep penetration in the state with 9 branches which will help to achieve the ambitious business goal.
Mr. Anuj Kishore, Regional Sales Manager, Magma Fincorp Limited said, “By penetrating deeper in the State, we will focus on providing asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by over 80% in the new financial year. There would be a considerable increase in our manpower requirements. Our target is to sustain the high share in the state”.
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Commercial Vehicles finance, Tractor finance and Construction Equipment finance have been the major growth drivers this year for Magma in Chattisgarh. While the company has already grown the SME business by over 50%, Tractor Finance business grew a staggering 196% - thus emphasizing on the companies focus on rural markets and it’s motto of bringing equality of opportunity to the economically disenfranchised.
Magma has 9 branch offices in Chattisgarh in Raipur, Bilaspur, Ambikapur, Baikunthpur, Raigarh, Korba, Bhilai/Durg, Jagadalpur & Dhamtari and employs about 300 people in the state.
Recently Magma has made top level management restructuring, thereby creating a new position of Chief Operating Officer and Chief of Receivables Management. Mr Ashutosh Shukla, a company veteran, has been appointed COO while Mr G P Pattanaik is the new Chief of Receivables Management. Mr V Lakshmi Narasimhan has been appointed the new Chief Financial Officer of the company. All the new appointments are effective 1st April, 2010.
About Magma Fincorp Limited
Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company.
Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of over 2.5 lac customers and has assets of approximately INR 9390 crores under management. The company has 154 branches in 20 states and 1 union territory and employs over 4600 people.
Magma has recently signed a joint venture with HDI Gerling, part of Talanx Group, Germany’s third largest insurance group to start a general insurance company in India. The new company will be head quartered in Kolkata. |
