Magma targets 50% growth in Tamil Nadu - Growth plan in state for 2012

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 has presence in 7 cities Of Tamil Nadu including branch offices in Chennai (2), Madurai, Coimbatore, Salem, Pondichery, Vellore & Trichy and employs about 150 people in the state.

“The primary sales of assets have witnessed robust growth in the past several quarters and we hope the same would continue. This augurs well for our business. With the development of infrastructure further, we hope our products will continue to do well as majority of them cater to the growth in rural and semi urban markets,”, said Bhattacharya.

He said that the company will also focus to grow the higher yield products such as Suvidha, Tractor and SME Loans significantly.

Car, Commercial Vehicle & Construction Equipment finance posted a healthy growth of 158%, 74% & 73% respectively.

The Tractor finance and Suvidha (Refinance) verticals introduced last year also witnessed a phenomenal growth of 1284% & 209% respectively.