By IANS,
Hyderabad : Magma Fincorp Ltd, one of the leading asset finance companies, plans to ramp up disbursements of retail loans by 40 percent in Andhra Pradesh during the current financial year.
Headquartered in Kolkata, the company has 23 branches and it disbursed Rs.848 crore in the state last year.
“We will continue with our focus on providing asset finance to the economically disenfranchised segment in Andhra Pradesh and expect to further grow in the state,” said Dhrubashish Bhattacharya, vice president of the company.
He told reporters Friday that the company, with assets of Rs.13,750 crore under management, grew by 29 percent in 2011-12.
Tractor, car and Suvidha finance posted a healthy growth of 27, 55 and 106 percent respectively.
In the first quarter of the current financial year, the company has already experienced an overall growth of 26 percent.
The company has 229 branches in 20 states and one union territory and employs about 6,500 people.