Asset Finance company, Magma Fincorp Ltd has laid an ambition to increase its lending by 45 per cent in this financial year. The company has recorded growth of 45 per cent in the first half of the current financial year.
Mr. Dhrubashish Bhattacharya, Vice-President of the company, "With our focus on automobiles, particularly the tractor segment, we expect to sustain the growth through the year".
To achieve the desired results, the company has also announced its growth plans for Tamil Nadu. Lat year, total lending in the state was Rs 246 crore. This is only 4 per cent of the company's turnover as compared to neighbouring Andhra Pradesh which contributed 11 per cent last year, said Mr. Bhattacharya. Hence, Magma Fincorp has planned to grow its lending in the state by 4o per cent in the retail loans during the current financial year
.Magma Fincorp currently has six branches in the Tamil Nadu- Chennai, Coimbatore, Madurai, Vellore, Salem and Tiruchi. And the company employs over 213 people in the state.