Kolkata, 30th July, 2010: Magma Fincorp Limited, India's leading retail finance company has announced the joining in their Board as Non Executive Director of Mr. SB Ganguly, Chairman Emeritus, Exide Industries Limited. Mr. Ganguly will be a part of Magma's decision making body and will contribute in planning and policy.

Commenting on Mr. Ganguly's appointment, Mr. Sanjay Chamria, Vice Chairman & Managing Director, Magma Fincorp Limited said, "We are pleased to have Mr. Ganguly on our Board. He brings with him a wealth of knowledge, expertise and experience which will be of immense help to Magma in the days to come."

Mr. Ganguly has been associated with the Exide Industries for many years. He was appointed as the Chairman, Emeritus of Exide Industries in 2007 after being the Chairman and CEO for more than 7 years. He has been with Dunlop India for over 20 years and his last assignment with the Tyre manufacturer was as Director of the company. He is presently on the boards of several reputed private and public sector corporates and educational institutions.

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 2.31 lac customers and has assets of approximately INR 9500 crores under management. The company has 166 branches in 20 states and 1 union territory and employs about 4700 people.

Magma has recently 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. The new company will be head quartered in Kolkata. The new insurance company since has obtained Reserve Bank of India approval and is currently awaiting the Insurance regulator IRDA approval for commencement of operations.