Non banking finance company (NBFC), Magma Fincorp has set up new branch in Anantapur district of Andhra Pradesh.

The company is increasingly growing its presence in the state. Lending has been to the extent of Rs 656 crore by Magma in Andhra Pradesh last fiscal.

"We currently have over 24,000 customers in Andhra Pradesh and the base is growing fast,'' Mr Dhrubashish Bhattacharya, Vice-President, Magma Fincorp Ltd. said.

"We plan to increase our business by 50 per cent across product categories in the current fiscal," he added.