Magma Shrachi to disburse Rs 373cr in Hyd region

Magma Shrachi Finance Limited, a Kolkata-based non-banking financial services company, will disburse retail loans worth Rs 373 crore in the Hyderabad region, comprising seven districts, during the current financial year.

"Given the strong presence that we have with 15 offices and access to all the clusters and pockets in the state, we are looking at registering a 65 per cent growth in business in the area this fiscal," Ravi Todi, joint managing director of Magma Shrachi, said here on Tuesday.

The growth would primarily come from the construction equipment, car and commercial vehicle (CV) finance, he added. the company disbursed Rs 224 crore in the region last fiscal.

Stating that the company wanted to focus on the CV and car loans portfolio in the region during the current fiscal, he said they expected to finance CVs to the tune of Rs 10 crore per month, as against Rs 3 crore a month last year.

"In the car loans segment, we expect to disburse Rs 7 crore a month, compared with Rs 3.5 crore per month a year ago," he added.