Magma Aims 21% Growth in Andhra Pradesh

HYDERABAD, India - June 11, 2013 - PRLog -- Hyderabad, 11 June 2013: Magma Fincorp Limited, one of India’s leading asset finance companies today announced its ambitious growth plans for Andhra Pradesh for FY 13. The company, which disbursed Rs 782 crore in Andhra Pradesh last year, plans to romp up disbursements by another 21% in retail loans in FY 13. Magma, headquartered in Kolkata, has 23 branches in the state making it among the best networked retail finance company in the state with deepest presence.

Mr Dhrubashish Bhattacharya, Vice President, Magma Fincorp Limited said, “We will continue with our focus on providing asset finance to the economically disenfranchised segment in Andhra Pradesh and expect to further grow in the states. This will help in strengthening our market share in each of the segments. For this, we would also increase our manpower strength to suit the challenge of high growth trajectory.”

The primary sales of assets in AP witnessed a major de growth across all products  in the last financial year, , due to which Magma could register a    growth only in some select products like Cars & SME while it has degrown in other products . Company’s focus on rural markets also emphasises it’s motto of bringing equality of opportunity to the economically disenfranchised.

Magma has 23 branch offices in Andhra Pradesh in Hyderabad (Ameerpet), Karimnagar, Kurnool, Mahabubnagar, Mancherial, Nalgonda, Nizamabad, Warrangal, Khammam, Nellore, Rajahmundry, Tirupati, Vijaywada, Vijaywada (Non- Business) Ananthapur, Guntur, Ongole, , Vishakhapatnam & Cuddapah and employs over 535 people in the state. The new branches have been opened in Hyderabad (Kukatpalli), Hyderabad (L B Nagar), Adilabad and Vizianagaram during the current financial year.