Kolkata, West Bengal Magma Fincorp Limited, India leading retails finance company today opened its branch office in Malappuram. The new office was inaugurated by Honble Mr. M Ummer, Member of Legislative Assembly, Malappuram in the presence of Mr. Dhrubashish Bhattacharya, Business Head - South, Magma Fincorp Limited and other dignitaries and company officials.

"Our presence in Malappuram is part of our expansion plans for Kerala which is a growing market for us ever since the company started focusing on South India. We consider Kerala to be one of our key market areas and have already done significant business in this financial year. We currently have over 6000 customers in Kerala and the base is growing fast. Over the past two years in Kerala, Magma has disbursed retail loans worth Rs 250 crores already," said Mr. Dhrubashish Bhattacharya during the inauguration.

Magma currently has 5 other branches in Kerala, namely in Cochin, Calicut, Trivundrum, Trissur and Kottayam and employs 89 people. "We expect Malappuram to be a key growth driver for us in Car Loans and Commercial Vehicle Loans", added Mr. Nishan Nadarajan, Regional Business Head - Kerala.

Notes to Editor

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 lac customers and has assets of approximately INR 9300 crores under management. The company has over 150 branches in 20 states and 1 union territory and employs over 4200 people. Magma enjoys rating of AAA (SO) and AA from CRISIL and CARE respectively for various instruments.