Magma Fincorp plans to romp up disbursement in Andhra Pradesh

HYDERABAD: Non-banking finance company Magma Fincorp, which disbursed Rs 782 crore in Andhra Pradesh last year, plans to romp up disbursements by another 21 per cent in retail loans in FY 13 in the state, a senior company official said today.

"We will continue with our focus on providing asset finance to the economically disenfranchised segment in Andhra Pradesh and expect to grow further," Magma Fincorp Limited Vice-President Dhrubashish Bhattacharya told reporters here.

The primary sales of assets in Andhra Pradesh witnessed a major degrowth across all products last financial year, due to which Magma could register a growth only in some select products like Cars and SME while it has degrown in other products, he said adding. "We expect the monsoon to do well in Andhra Pradesh and in the country also this year...and the offtake will go up."