Top Management changes at Magma Fincorp

• Mr Ashutosh Shukla is the new Chief Operating Officer
• Mr V Lakshmi Narasimhan is the new CFO
• Mr GP Pattanaik is Chief – Receivable Management

Magma Fincorp Limited, India’s leading retail finance company, has made top level management restructuring, thereby creating a new position of Chief Operating Officer and Chief of Receivables Management. Mr Ashutosh Shukla, a company veteran, has been appointed COO while Mr G P Pattanaik will be the new Chief of Receivables Management. Mr V Lakshmi Narasimhan has been appointed the new Chief Financial Officer of the company. All the new appointments are effective 1st April, 2010.

Mr Ashutosh Shukla joined Magma in 1992 and has handled many responsibilities including National Recovery Head, Business Head – North etc. His last assignment was as Head of Magma Asset Reconstruction Division. He is a CA and has over 19 years of industry exposure. 

Mr G P Pattanaik joined Magma in 2000 and has headed several portfolios including Collections and Asset Reconstruction Division. He has previously handled the role of Business Head - East and National Head - Recovery. Mr. Pattanaik is a CA and brings over 28 years' experience in the public and private sector.

Mr V Lakshmi Narasimhan, FCS, LLB & Post-Graduate Diploma holder in Personnel Management, joined Magma in 1990. In his new role, he will be overseeing Treasury, Accounts, Taxation, Budgeting, MIS and Secretarial functions of the company. His last role was that of Group Business Head. Previously, he has held senior positions including that of National Credit Head and Head-Fee-based Business.

About Magma Fincorp Limited
Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company.  The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of over 2.5 lac customers and has assets of approximately INR 9390 crores under management. The company has 155 branches in 20 states and 1 union territory and employs over 4600 people.

Magma has recently signed a joint venture with HDI Gerling, part of Talanx Group, Germany’s third largest insurance group to start a general insurance company in India. The new company will be head quartered in Kolkata. The new insurance company since has obtained Reserve Bank of India approval and is currently awaiting the Insurance regulator IRDA approval for commencement of operations.
www.magma.co.in