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Magma Fincorp Limited to expand its operations in South India

Economic Times:  December, 2016

Kochi: Magma Fincorp Limited, a leading Kolkata-based NBFC, is expanding its operations in South India. The company is targeting 20% growth in Kerala in FY 16. It will focus on housing finance and Suvidha (used vehicle loans) to achieve the numbers.

Addressing the media, Dhrubashish Bhattacharya, Vice President, Magma Fincorp Limited said that the company is already a major player in retail finance and has strong customer relationship in the state.

He said that the renewed focus on the rural and semi- rural markets will come handy for the company and the focus on tractor finance will continue. “Over the past months, we have been able to build a strong team to deliver the numbers in tractor and affordable housing and expect to grow at over 20% in each of the products”, Bhattacharya added.

Magma recorded Rs 168 crore disbursements in Kerala in the second quarter of FY 17. The company has 12 branches across the state and two more branches would be opened soon.

Magma manages a loan book of Rs 17796 crore. The company has 257 branches in 22 states. A non-deposit taking, non-banking finance company, Magma provides a bouquet of financial products including financing of utility vehicles & cars, commercial vehicles, construction equipment, used commercial vehicles, tractors and SME Loans. It also operates in affordable housing finance and general insurance segments.