Magma Fincorp bullish on Punjab, Haryana

Magma Fincorp Limited, a leading asset finance company, today said it will grow its asset financing business in Punjab and Haryana in financial year 2014 as the two states hold huge potential for growth.

The company, which disbursed Rs 798 crore in Punjab and Haryana last year, plans to romp up disbursements at 8 to 10 per cent growth rate in 2014. Magma, headquartered in Kolkata, has 21 branches in the region, making it among the best networked retail finance company in the region with deep presence in semi urban and rural markets.

Sanjiv Jha, National Sales Manager - Suvidha, Magma Fincorp Limited said, "The industry is going through a challenging phase with the primary sales recording flat quarters. Magma has taken a cautious approach and will continue to focus on providing asset finance to the economically disenfranchised segment in Punjab and Haryana and expect to maintain the growth rate it achieved last year".

"Punjab and Haryana are our traditionally strong markets and despite the gloom, we did well in this region last year especially in products like Tractor loans and Refinance product Suvidha. The deep presence coupled with excellent customer relationship was instrumental in the growth. Our innovative product offerings to various customers were accepted well in the region" he added.

Magma has 21 branch offices in Punjab and Haryana in Bhatinda, Baddi, Amritsar, Chandigarh, Mandi, Patiala, Sangrur, Shimla, Ludhiana, Moga, Jallandhar, Khanna, Pathankot, Zirakpur, Rohtak, Ambala, Karnal, Yamunanagar, Hissar, Sonepat, Sirsa and employs 683 people in the state.

''Magma last year diversified into three new business divisions. The company also launched Gold Loans in select markets, acquired GE India's housing and mortgages business and started general insurance business ( in a JV with HDI Gerling of Germany) added Suryakant Mishra, AVP Corporate Communications . Magma further added 75 branches last year and currently operates from 279 branches in 21 states", he said.

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