Magma Fincorp Ltd plans to open 29 new branches in the country and is looking at 50 per cent growth in loan disbursement target in the current financial year.
Magma, a non-deposit-taking non-banking finance company, currently has 171 branches and with the new addition, mostly in the West and South regions, to come up in the first half of 2011-12, the number would go up to 200, its Vice-President, Mr Dhrubashish Bhattacharya, told reporters here today.
In Karnataka, the company is opening two new branches at Sindhanoor in Raichur district and Gulbarga.
Mr Bhattacharya said the Kolkata-headquartered company logged total disbursements of Rs 5,415 crore in 2010-11, up 33 per cent from the previous fiscal, adding that it is targeting a 50 per cent growth in the current fiscal.
Magma provides a bouquet of financial products, including financing of utility vehicles and cars, commercial vehicles, construction equipment, tractor and SME loans.
Last month, the company had announced an investment of Rs 440 crore led by funds managed by Kohlberg Kravis Roberts & Co LP along with International Finance Corporation to support the company’s growth plans in existing businesses in addition to newer areas.