Magma targets robust growth in Odisha

Bhubaneswar: Magma Fincorp Limited, a leading asset finance company announced its growth plan for Odisha today. The Mumbai based company, which has already established itself as a leading player in Orissa is targeting bullish growth in the state in FY 19 and will focus on the asset backed finance segments like tractor finance, used assets loans, commercial vehicle loans to deliver the numbers.

Addressing the media, Mr. Sanjiv Jha, National Head, ABF Business, Magma Fincorp Limited said, “We will bank on Tractor Loans, Car Loan and Construction vehicle to drive our numbers in Orissa this year. We enjoy deep presence and strong customer relationships in the state. Our focus on Used Asset Loans which has been our mainstay in the state so far will also continue and we are confident that our renewed focus on the rural and semi rural markets will come handy”.

Magma recorded Rs 221 crore disbursements in Orissa in FY 17-18 with Used Asset contributing Rs 87.45 crore, followed by car loan contributing Rs 58.6 crore and tractor loan contributing Rs 32.49 crore among others.

Magma has 15 branches in Orissa and employs over 230 people in the state.