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Magma Fincorp to mark presence in Vidarbha

Kolkata, Oct 10, 2010 (Calcutta Tube) Non-Banking finance company Magma Fincorp will disburse Rs.220 crore in retail loan in Maharashtra’s Vidarbha region in 2010-11, a company statement said here Friday.

‘Our focus is to penetrate deeper in the rural and semi urban markets and provide asset finance to the economically disenfranchised in the region. We expect to grow our business in the state by about 47 percent in this financial year,’ Rahul Deshpande, branch head, Magma Fincorp Limited, said.

In the first quarter of 2010-11, all the products have seen considerable growth in Vidarbha region with tractor and small and marginal enterprise finance leading from the front with a 167 percent and 60 percent growth respectively, over the corresponding period of the last financial year.

The company has presence in five cities in Vidarbha, including branch offices in Nagpur, Akola, Chandrapur, Jalgaon and Gondia and employs over 130 people in the region.

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