Imagination on canvas
Hindustan Times, 22 October 2011, Chandigarh
To promote art and upcoming talent, Magma Fincorp held a painters' workshop in the city on Thursday at Hotel Park Inn, Sector 35. As many as 10 painters, including beginners, participated in the exhibition. Senior painters such as Renu Aggarwal, Neeru Verma, Poonam Arora, and Bharati Sharma interacted with students of Chandigarh Government Art College and shared their experiences. Mandhir Singh, superintendent of police, SAS Nagar, inaugurated the workshop. This is for the second time that Magma Fincorp has arranged this painting workshop in Chandigarh. Over the next few months, they would be holding workshops in Bhubaneswar, Pune and Kolkata.
Magma Fincorp focusing on western, southern India for 50% business growth
The Economic Times, 5 September 2011, Kolkata
Magma Fincorp Limited, one of the largest asset financing non-banking financial companies ( NBFCs) in India, is focusing on western and southern parts of the country to achieve 50 percent business growth. "We are aiming at substantial growth in western and southern India this fiscal. We will be focusing on states like Maharashtra, Gujarat and Tamil Nadu. The company will be working on expanding networks in these regions," Magma Fincorp vice-president Sumit Mukherjee told IANS. The NBFC is involved in retail financing in segments like construction equipment, cars, commercial vehicles, small and medium enterprises, tractors and used commercial vehicles. Currently, it has 171 branches in 20 states, with a customer base of 236,000. "The company disbursed loans worth Rs.5,415 crore in the last financial year. We are expecting a growth of 50 percent in the business this fiscal," Mukherjee said. He said the company was focusing on Maharashtra, Gujarat and Tamil Nadu in this financial year.
Magma Fincorp targets over 50% growth in retail loans
Financial Chronicle, 23 August 2011, Kolkata
Kolkata-headquartered Magma Fincorp, one of the leading asset finance companies in the country, seems well set to increasingly focus on the Vidharba region of eastern Maharashtra. The company is expecting over 50 per cent growth in its retail loan business in the region during financial year 2011-2012. Magma Fincorp, registered with the Reserve Bank of India as a non-deposit taking non-banking finance company (NBFC), at present has six branch offices in Vidharba in Akola, two offices in Nagpur, Jalgaon, Chandrapur and Gondia, employing more than 150 people in the state. A new office will also be opened in Yavatmal in the present financial year itself, company officials told Financial Chronicle. It may be mentioned that the company disbursed Rs 173 crore in the Vidharba region in FY11, which itself was 15 per cent higher than FY10. And now, the company plans to increase its disbursement by more than 50 per cent during FY12. In the first quarter of the present financial year, the company has already recorded an overall growth of 10 per cent in Vidharba, compared with the corresponding period of the past financial year. Car loans have witnessed a significant growth of 113 per cent during this period.
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