Magma Fincorp aims strong growth in Haryana after increased investments

Mumbai-based Magma Fincorp Ltd Wednesday said it is eyeing a 20 per cent growth in its business in Haryana during the current financial year. Magma disbursed Rs 332 crore in 2017-18 in the state. "Magma disbursed Rs 203 crore in the April-September period in 2018-19. The second half contributes 60 per cent of the annual volume, hence, I am confident that we will achieve higher-than-expected growth in the state," said Sanjiv Jha, national head, ABF Business, Magma Fincorp.

In a release, the asset finance company said it would focus on the asset-backed finance segments such as used vehicle loan, commercial vehicle, tractor finance and car loans to drive the business. With opening a new branch in Sirsa, the company now has a network of 16 in the state. Magma is focused on the rural and semi-urban sector with coverage across 306 branches in the company. It has a base of around 1.1 million active customers and manages a loan book of Rs 16,623 crore.