Kolkata, 7th December, 2009: Magma Fincorp Limited, leading asset finance company will own 7% stake in Experian Credit Information Company of India Pvt Ltd, the Indian Credit Information Company (CIC) arm of the global information services company, Experian. This proposed CIC is a joint venture between Experian in collaboration with seven public and private sector banks including non-banking financial institutions in India including the Axis Bank, Federal Bank, Indian Bank, Punjab National Bank, Sundaram Finance and Union Bank of India.

Experian will own 49% in the joint venture, while the Indian partners will own the balance 51%. Besides Magma's 7% stake, Axis Bank will hold 10%, Union Bank of India 10%, PNB 7%, Indian Bank and Federal Bank 5% each while Sundaram Finance will also hold 7%.

TS Narayanasami, a veteran of Indian banking, has been appointed as the chairman of the Experian Credit Information Company. He was earlier the chairman of the Indian Bank's Association, Bank of India, Indian Overseas Bank and Andhra Bank.

The Reserve Bank of India (RBI) in April 2009 granted Experian a provisional license to create a CIC in India. The company has secured approval from the Foreign Investment Promotion Board to invest 49% in the Experian CIC, with its Indian joint venture partners holding the remaining equity. The company has recently applied to the RBI to secure the final license.

"Magma is delighted to partner with Experian and the other Indian partners in this joint venture as we believe that the new credit bureau will provide a strong platform against which all lenders can make informed business decisions. The major role for the bureau will be to help the Indian clients, especially the banks and financial services companies, make better credit lending decisions which will accelerate the financial services sector's development and protect consumers," said Mr Sanjay Chamria, Vice Chairman & MD of Magma Fincorp Limited.

Experian comes to India with many decades of experience in running successful credit bureaus in 15 countries. The launch of the Indian CIC will enable local companies to access critical data and other value added products to facilitate profitable acquisition of new customers, their management and retention.

About Experian:

Experian® is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score while protecting them against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2009 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.

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 lac customers and has assets of approximately INR 9300 crore under management. The company has 150 branches in 20 states and 1 union territory and employs over 4200 people. Magma enjoys rating of AAA (SO) and AA from CRISIL and CARE respectively for various instruments.