Pune, 1st December, 2010: Magma Fincorp Limited today announced its growth plans for Maharashtra. Magma, a leading player in asset financing, will disburse Rs 676 crores in retail loans in Maharashtra in FY 11 - approximately 46% higher than FY'10. The company, headquartered in Kolkata, already has deep penetration in the state with 14 offices, with each of the offices covering a radius of 125 Km, to help achieve its ambitious business goal.

Mr Sumit Mukherjee, Vice President, Magma Fincorp Limited said, "Our focus is to penetrate deeper in the rural and semi urban markets and provide asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by about 46% in this financial year. There would be a considerable increase in our manpower requirements as well. Our target is to consolidate our market share in the state".

In the first half of 2010 - 11, all the products have seen considerable growth in Maharashtra with Tractor, Construction Equipment, Commercial Vehicle and Suvidha finance leading from the front with 144%, 134% and 88% growth respectively over the corresponding period of the last financial year. With aggressive marketing strategy in place, the company is on a major market expansion drive in Western India. The company's focus on rural markets also emphasizes it's motto of bringing equality of opportunity to the economically disenfranchised.

Magma has presence through 14 offices in the state spread across Mumbai, Kolhapur, Nasik, Pune, Nagpur, Solapur, Satara, Akola, Nagpur, Jalgaon, Chandrapur & Gondia and employs over 300 people in the state.

"Magma has taken an aggressive target for business growth this year and we will promote our products with special focus on Commercial Vehicle, Car, Suvidha & Tractor finance across Maharashtra", added Mr Mukherjee.

Magma has undertaken a marketing campaign across the country. The initiative was started in August, 2010 and currently being scaled up to reach the monthly figure of over 500 activities by January, 2011. Currently the company is holding about 300 sales and marketing promotion activities and CSR activities across the country including Loans Mela for new and old vehicles, Free Service Camp, Free Health Check up camp for truckers, machine operators and their family members, Customer Meets, Blood Donation Camps & Eye Check up camps etc.

Magma will also be holding a two day Painters' Workshop on 3rd and 4th December, 2010 to promote upcoming talents of the city.

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 over 2.35 lac customers and has assets of approximately INR 9865 crores under management. The company has 170 branches in 20 states and 1 union territory and employs about 4800 people.