Magma Fincorp to open 29 new branches, eyes 50% growth in disbursements
Magma Fincorp Limited plans to open 29 new branches in the country and is looking at 50 per cent growth in loan disbursement target.
By PTI |
BANGALORE: Magma Fincorp Limited plans to open 29 new branches in the country and is looking at 50 per cent growth in loan disbursement target in the current financial year, a top company official said today.
Magma, a non-deposit taking non-banking finance company, currently has 171 branches and with the new additions, mostly in the West and South regions, to come up in the first half of 2011-12, their number would go up to 200, its Vice-President Dhrubashish Bhattacharya told reporters here.
In Karnataka, it's opening two new branches at Sindhanoor in Raichur district and Gulbarga, he said.
Bhattacharya said the Kolkata-headquartered company logged total disbursements of Rs 5,415 crore in 2010-11, up 33 per cent from the previous fiscal, adding, it's targetting a 50 per cent growth in this number in the current fiscal.
Magma provides a bouquet of financial products, including financing of utility vehicles and cars, commercial vehicles, construction equipment, tractor and SME loans.
Bhattacharya said the contribution of high-yield products -- used commercial vehicles, tractors and SME loans -- which currently stands at 19 per cent of total business, is aimed to be boosted to 24 per cent in the current fiscal.
"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", he said.
In May, Magma announced an investment of Rs 440 crore led by funds managed by Kohlberg Kravis Roberts & Co LP along with International Finance Corporation to support the company's growth plans in existing businesses in addition to newer areas.
Magma, a non-deposit taking non-banking finance company, currently has 171 branches and with the new additions, mostly in the West and South regions, to come up in the first half of 2011-12, their number would go up to 200, its Vice-President Dhrubashish Bhattacharya told reporters here.
In Karnataka, it's opening two new branches at Sindhanoor in Raichur district and Gulbarga, he said.
Bhattacharya said the Kolkata-headquartered company logged total disbursements of Rs 5,415 crore in 2010-11, up 33 per cent from the previous fiscal, adding, it's targetting a 50 per cent growth in this number in the current fiscal.
Magma provides a bouquet of financial products, including financing of utility vehicles and cars, commercial vehicles, construction equipment, tractor and SME loans.
Bhattacharya said the contribution of high-yield products -- used commercial vehicles, tractors and SME loans -- which currently stands at 19 per cent of total business, is aimed to be boosted to 24 per cent in the current fiscal.
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"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", he said.
In May, Magma announced an investment of Rs 440 crore led by funds managed by Kohlberg Kravis Roberts & Co LP along with International Finance Corporation to support the company's growth plans in existing businesses in addition to newer areas.
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