Media Centre - Press Coverage
Magma Fincorp signs pact with VE
The Financial Express, 9 March 2010, Delhi
Magma Fincorp on Monday entered into an agreement with VE Commercial Vehicles for financing Eicher range of trucks and buses. Vice-chairman and MD of Magma Fincorp Sanjay Chamria said in a statement that the agreement would help the company in aligning with the growth trajectory. VE Commercial Vehicles had been formed as a 50:50 joint venture between Volvo group and Eicher Motors. Chamria said Magma is managing assets to the tune of Rs 9,390 crore.
Eicher unit to up capacity
DNA Money, 9 March 2010, Mumbai
VE Commercial Vehicles (VECV) plans to double production capacity of Eichcr branded products at its Pithampur facility to 8,000 units a month in the next three years. The investment needed for enhancing capacity would be part of the Rs 500 crore capex plan announced earlier, Siddhartha Lal, MD and CEO. VECV said, announcing a tie-up with Magma Fincorp to provide retail financing facility for its product range.
Magma to finance Volvo Eicher trucks
Financial Chronicle, 9 March 2010, Mumbai
Magma Fincorp on Monday teamed up with Volvo Eicher Commercial Vehicles (VECV) to provide easy financing for Eicher trucks and buses. Sanjay Chamria, VC & MD, Magma Fincorp said that the agreement was in line with both companies' growth strategy to leverage each other's networks and increase access to untapped region's and reach more customers. "Magma is committed to serve its wide base of customers and offer them customised solutions in asset financing in India. The tie-up with VECV is in sync with our growth trajectory and we are looking forward to a successful partnership," Chamria said. Siddhartha Lal, MD & CEO, VE Commercial Vehicles, said, "VECV has recently rolled out its new range of Eicher heavy-duty trucks and is gearing up to achieve 15 per cent share of the heavy-duty truck market by 2015. Our association with Magma will be extremely beneficial for us as we would be able to extend our reach across India's semi-urban and rural areas."
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