Magma Fincorp to disburse Rs 676 cr in Maharashtra

Magma Fincorp Limited, a non-deposit taking non-banking finance company (NBFC), on Wednesday announced its growth plans for Maharashtra.

Magma, a leading player in asset financing, will disburse Rs 676 crores in retail loans in Maharashtra in FY 11 ? approximately 46% higher than FY?10.

The company, headquartered in Kolkata, already has deep penetration in the state with 14 offices, with each of the offices covering a radius of 125 Km, to help achieve its ambitious business goal.

Sumit Mukherjee, Vice President, Magma Fincorp Limited said, ?Our focus is to penetrate deeper in the rural and semi urban markets and provide asset finance to the economically disenfranchised in the state.

?We expect to grow our business in the state by about 46% in this financial year. There would be a considerable increase in our manpower requirements as well. Our target is to consolidate our market share in the state?.

In the first half of 2010 ? 11, all the products have seen considerable growth in Maharashtra with Tractor, Construction Equipment, Commercial Vehicle and Suvidha finance leading from the front with 144%, 134% and 88% growth respectively over the corresponding period of the last financial year.

With aggressive marketing strategy in place, the company is on a major market expansion drive in Western India, said Mukherjee.

?Magma has taken an aggressive target for business growth this year and we will promote our products with special focus on Commercial Vehicle, Car, Suvidha & Tractor finance across Maharashtra,? added Mukherjee.

Magma has presence through 14 offices in the state spread across Mumbai, Kolhapur, Nasik, Pune, Nagpur, Solapur, Satara, Akola, Nagpur, Jalgaon, Chandrapur & Gondia and employs over 300 people in the state.