Magma eyes 20% growth in Bihar

Leading Non-Banking Finance Company Magma Fincorp Ltd today set a target of 20 per cent growth in Bihar in the 2015 fiscal.
The Kolkata-based group will focus on car loans, tractor loans and Suvidha (used vehicle loans) to deliver the numbers, Dhrubashish Bhattacharya, Vice President and National Sales head told reporters.
"Our focus on auto loans which has been our mainstay in the state so far will also continue and we are confident that our renewed focus on the rural and semi rural markets will come useful," he said.
Magma disbursed Rs 316 crore in Bihar in 2013-14.
It has nine branches in Bihar in Patna (2), Muzaffarpur, Bhagalpur, Sasaram, Motihari, Purnea, Darbhanga and Begusarai and employs over 430 people in the state. The company has a live customer base of about 21,000 customers in Bihar.

Magma posted 33 per cent growth in disbursements to Rs 2,398 crore in first quarter of FY15 ending June 30.
Across the country the company has a network of 275 branches. Nearly 80 per cent of its branches are located in rural/semi rural areas.