Kolkata, 4th August, 2011: Leading asset finance company, Magma Fincorp Limited, announced that the company is going to focus on social media platforms to reach out to specific segments of consumers, investors and employees. Magma has recently adopted social networks such as Facebook, Twitter, LinkedIn to effectively communicate to the various stakeholders and also has presence on YouTube and Flickr.

"Social networking sites like Facebook, LinkedIn and Twitter can have a huge positive impact on businesses. Social media websites are essentially places for business to create word-of-mouth that will always be stored in Internet archives. The young and middle class population is increasingly making its presence felt in social networking sites to stay connected and share information. Traditional advertising can only go so far, however, through social-media interactions, businesses can now engage with their stakeholders by creating conversations around common interests", said Mr Ashutosh Shukla, Chief Operating Officer.

Magma announced the launch of their "My Dream Car Contest" on Facebook today. To participate, one needs to upload the photo of his / her dream car, write a caption and hit "Submit". The contestant then has to get votes on the photo-entry as the prizes are determined based on the number of votes received. The mega prizes include Ipad (32GB, 3G+WiFi), Ipod Touch (32 GB) & Blackberry Curve 8520. There will be weekly Gift Vouchers to be won. The contest will be on from 7th August, 2011 till 3rd September, 2011 and is open to all.

"Social media offers us the opportunity to have a personalized interaction with our target audience. With the My Dream Car Contest we wanted to combine our passion for cars and for investing in dreams, and share this excitement with the world. We plan to use several interesting modes of communication to reach out to our target constituencies; the website revamp is also on the anvil" said Mr Harsh Chamria, Head - New Initiatives, Magma Fincorp Limited.

In addition, Magma has started a blog- cargyaan.magma.co.in, featuring exclusive and informative write-ups on the car industry.

About Magma Fincorp Limited

Magma Fincorp Limited ("Magma") is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of around 2.5 lac customers and has assets of INR 11030 crores under management. The company has 172 branches in 20 states and 1 union territory and employs about 5050 people.

Magma has signed a joint venture with HDI Gerling, part of Talanx Group, Germany's third largest insurance group to start a general insurance company in India, which since has received R1 license from the insurance regulator.