Magma Fincorp aims at achieving 20% growth in FY 2010-11
By Vaibhav Aggarwal
Jun 25, 2010
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Magma Fincorp, a Non Banking Financial Company has indicated that it would pursue with its focus on high yield generating segments like used cars, commercial vehicles and SMEs. The company expects growthof 20% to be achieved this fiscal.

"We will focus on the high-yield segments such as used cars, commercial vehicles and Small and Medium Enterprises (SMEs), and expect a 20 per cent growth this fiscal," firm's Vice-Chairman and Managing Director Sanjay Chamria said.

He added that the company targets 30% growth from these segements in the next three years.

"With the economy bouncing back, there will be an improvement in automobile and vehicle sales leading to growth in our disbursals, which is expected to be around 25 per cent this fiscal (FY'11)," he said.

The company also plans to foray into insurance segment in a joint venture with Germany's HDI Gerling to form Magma HDI General Insurance.

"We are still awaiting for IRDA's approval," he said.


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