Kolkata, August 13, 2008: Magma Shrachi Finance Limited (MSFL), one of the fastest growing financial services companies in India, post shareholder and board approval has changed its company name to Magma FinCorp Limited.

The company today also unveiled its new logo with a baseline 'Investing in the smallest dream' indicating the company's strategy to provide an opportunity to the economically disenfranchised and reach individuals who nurture aspirations to expand their business.

This announcement coincides with Magma's presence in India for 20 years confirming its leadership position. The company today has pan India presence with 200 branches in 21 states and assets under management of USD 2 billion. Magma employs 5640 people as on 31 July 2008. Speaking on the occasion, Mr Sanjay Chamria, Vice Chairman and Managing Director, Magma FinCorp Limited said, "This identity change heralds a new chapter in Magma's history. We will continue to focus on rural and semi urban markets and our endeavor will be to reach those individuals who aspire to start and grow their own businesses. We will further invest in our processes and delivery so that we serve our customers effectively and efficiently." Mr Ravi Todi, Joint MD, added that the company has increased assets under management substantially in the past two years, post merger of Magma and Shrachi. "The merger helped the company reach USD 1 billion in assets in 2006 and in the past two years, we have rapidly scaled our size and today, within such a short time, we have doubled the assets under management. It only gives credence to the merger and in the future Magma will continue to grow rapidly scaling newer heights" Mr Todi added.

The new logo symbolizes a heart, translating Magma's intention to be known as a corporate with personalized relationship with its customers, partners and vendors. The two emerging rings denote the fusion of customer and company commitment to fulfill each others dreams.

The identity change is reflective of Magma's reinforced go-to-market strategy. The new identity will, therefore, resonate well with Magma's audiences and help the company connect better with customers and potential customers especially in remote geographies. This identity change aims to enunciate and clarify the brand's core values to its audience.

Magma Fincorp Limited (MFL) is one of the fastest growing financial services Company in India. It has a well-diversified product portfolio comprising Commercial Vehicle Finance, Car & Utility Vehicle Finance, Construction Equipment Finance, Used Commercial Vehicle Finance, Strategic Construction Equipment Finance, Personal Loans and Fee Based Business with assets under management of USD 2 billion. The Company follows an excellent credit appraisal policy through well-laid processes, which has helped it build a quality asset base over the years.

MSFL currently operates through 200 branches in 21 states and employs 5640 people. The Company has a focus on rural and semi urban India which generates major part of its business. It has a pan India presence with a strong network in North, East, Central and South regions with an increasing presence in the West.

Kaushik Sinha
Magma FinCorp Limited
Email: ksinha@magma.co.in