Nagpur, 8th October, 2010: Magma Fincorp Limited today announced its growth plans for the Vidarbha region. Magma, a leading asset financing company in the country, will disburse Rs 220 crores in retail loans in Vidarbha in 2010-11. The company, headquartered in Kolkata, already has deep penetration in the region with 5 offices, with each of the offices covering a radius of 125 Km, to help achieve its ambitious business goal.

Mr Rahul Deshpande, Branch Head, 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 region. We expect to grow our business in the state by about 47% 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 quarter of 2010 - 11, all the products have seen considerable growth in Vidarbha with Tractor & SME finance leading from the front with a 167% & 60% growth respectively, over the corresponding period of the last financial year. Suvidha grew by 46% during this period. With aggressive marketing strategy in place, the company is on a major market expansion drive in Western part of India. Company's focus on rural markets also emphasises it's motto of bringing equality of opportunity to the economically disenfranchised.

Magma has presence in 5 cities in Vidarbha including branch offices in Nagpur, Akola, Chandrapur, Jalgaon & Gondia and employs over 130 people in the region.

"Magma has taken an aggressive stance on its overall growth plans this year and we will promote all our products with special focus on Suvidha, Tractor & Commercial Vehicle finance across Vidarbha region", added Mr Deshpande.

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 over 4700 people.